Home Retirement Glossary Home Buyers' Plan (HBP)

Retirement


DEFINITION

Home Buyers' Plan (HBP)

The Home Buyers' Plan (HBP) is a program in Canada that allows an individual to withdraw up to $25,000 in a calendar year from a Registered Retirement Savings Plans (RRSP) to buy or build a qualifying home. The withdrawal is not taxed as income and no interest is owed on those funds. There are set terms governing the payback of the loan.

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