Many Canadians are able to afford the dream of home ownership through the Federal Government's RRSP Home Buyers' Plan. Under this plan, eligible taxpayers who purchase a qualifying home as a principal residence may withdraw up to $20,000 from their RRSPs. To qualify, you or your spouse must not have owned a home during the past five years.

This plan not only reduces your income tax, but also helps you save for retirement and to secure a downpayment for your home purchase. The amount you withdraw must be paid back over a 15-year time period.

For more information on the Home Buyers Plan please click on the following link.
www.cra-arc.gc.ca/tax/individuals/topics/rrsp/hbp/menu-e.html