Mortgage News
Making a case for the Home Buyer's Plan
Entering its 22nd year of existence, the Home Buyer's Plan has helped more than 2.5 million Canadians borrow from their retirement savings to take their first tentative step onto the property ladder.
Published
One of the biggest hurdles first-time home buyers can face is scraping together the down payment for the home of their dreams. For many Canadians, the Home Buyer's Plan has proven helpful.
The Home Buyer's Plan is a program instituted by the Federal Government that allows first-time buyers to borrow up to $25,000 ($50,000 if you're buying with a spouse or common-law partner) from an RRSP to be put towards the down payment on a home.
This article explores the features and advantages of the 22 year old plan, including some exciting tax benefits.