There are some great perks to being a first time buyer with the Home Buyer’s Plan (HBP). For example, borrowing up to $35,000 from your RRSP without penalty. However, you may not know that you can be considered a first time buyer more than once.
To be a first time buyer again under the Home Buyers’ Plan you (in addition to the standard requirements):
-at any period during the timeline beginning January 1 of the fourth year before the year of the withdrawal and ending 31 days before the date of the withdrawal, you or your common law spouse must not have owned a home that you occupied alone or together while you were spouses or common-law partners
So, if an acceptable amount of time has passed since you have owned a home, you may be eligible to use the HBP again.
You must also have repaid any balance outstanding from your last Home Buyers’ Plan withdrawal, if applicable.
Also, this plan can also be for the purchase of a home for a relative with a disability. Otherwise, the home must be an owner occupied home no later then one year after the purchase.
You have up to fifteen years to pay back the entire amount of the RSP funds used for the Home Buyers’ Plan. You can pay back the full amount at anytime.
Andrew Thake is a seasoned mortgage broker with over 15 years of industry experience. He’s assisted more than 2,200 clients in finding their ideal mortgage solutions. Recognized for his excellence, Andrew has received high honours and awards, including the National Rookie of the Year from TD Canada Trust and recognition as a Top 10 Ottawa Mortgage Broker in 2023. He has also been inducted into the Hall of Fame at Dominion Lending Centres and has consistently received their Platinum Award during his tenure as a mortgage broker.
Andrew’s dedication lies in serving his clients and prioritizing their needs with an empathetic approach. Throughout the application process, he provides tailored, informed, and efficient services to ensure the best mortgage solutions for his client’s unique circumstances. The best part of Andrew’s job is when he gets to see the joy on his clients’ faces following their mortgage approval.
