You could access up to $35,000 of your retirement savings for your first property
That said, if you remove funds from the account before retirement, the withdrawal is added to your taxable income, plus you pay withholding fees. However, if you withdraw funds through the HBP, you pay no tax and you have 15 years to repay the withdrawn sum.It can be difficult for savers and aspiring homeowners to decide between competing financial goals.
Remember that you cannot access your RRSP funds if you still have a balance owing on a previous HBP withdrawal.The withdrawn funds will help boost your down payment and, ultimately, make it possible to purchase a property;You expect to earn more — and contribute more to your RRSP — in future years;There are two other critical moments when using the first-time Home Buyers’ Plan makes sense:
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