This is a government program that allows home buyers to use their RRSP savings as a down payment.

The basics of the program are:

  • Use up to $25,000 per person. So if you have a spouse or partner you could use up to $50,000
  • Must be used for purchase of your principle residence & you must be a Canadian resident
  • Eligible to first time buyers not living in a house that you own in the last 5 years
  • If you are disabled and need special housing or related to someone who is you are eligible
  • Pay back to your RRSP account over 15 years. $25,000 / 15 = $1,667.66 per year. If you don’t pay it back then it is included in income for that year and is taxable.

For full information visit and search Home Buyer Plan OR, speak with our Mortgage Broker, Lynne Gibson who will guide you through the process.