Tag · Canada

HBP

2 Loopholes 🇨🇦 Canada

Loopholes Tagged "HBP"

Plain-English guides to Canadian legal rights and workarounds related to HBP.

RRSP Home Buyers' Plan — Borrow $35,000 Tax-Free from Your Own Retirement Savings

First-time homebuyers can withdraw up to $35,000 from their RRSP tax-free to buy or build a qualifying home — and repay it over 15 years with no interest charged by CRA.

First Home Savings Account (FHSA)

The FHSA is the most powerful first-home savings tool ever created in Canada — combining the upfront tax deduction of an RRSP with the tax-free withdrawal of a TFSA — but many eligible Canadians have not yet opened one, and the contribution room you never open is contribution room you permanently lose.