How to choose your RRSP to buy your house?

The HBP government plan, home buyers' plan, allows each person to withdraw up to $ 25,000 from the RRSP without penalty, to pay a down payment or any other expenses associated with buying a home. For a couple buying a property together, this download can be $ 50,000 or less. You must intend to live in the house you want to buy with your HBP, and if this is not your first home, withdraw your RRSP, you must adhere to the four year terms.

The beneficiary of HBP is 15 years to return the interest collected from its RRSP without interest. The repayment period starts the second year following the year in which you made the withdrawal. Ask your Premium broker for all the details about this program.