RRSP withdrawal limit increased to $35,000 to buy a home!
The Home Buyers’ Plan (HBP) withdrawal limit is being increased from
$25,000 to $35,000. HBP was introduced in 1992. The program allows Canadian to borrow,
on a repayable basis, from their own Registered Retirement Savings Plans
(RRSPs) to purchase a home. The HBP is a unique program in that it provides
first time home buyers a means to build home equity and save for retirement at
the same time. However, the purchasing power of the HBP has been eroded by
inflation. Nice to see the Canadian Government increasing the limit!!! :)
Lake Okanagan Realty Ltd.
Tel: (250) 870-2792
Fax: (778) 484-5252