What is the First-Time Home Buyer’s Plan?
Being a first-time homebuyer can be overwhelming. Paying for the number of closing costs involved can take the cost of buying a home to a whole new level. Fortunately, Canada offers a few benefits for first-time buyers. The First-Time Home Buyer’s Plan allows qualified buyers to withdraw up to $25,000 tax-free from their Registered Retirement Savings Plan (RRSP) to purchase or build a home. If a couple is buying together and are both are qualified first-time buyers, they can withdraw $25,000 each for a total of $50,000.