Questions tagged [home-buyers-plan]

For questions relating to the Home Buyer's Plan (using RRSP funds purchase or construction of a house).

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Why does strategy with borrowing 35,000 and using Home Buyer's Plan apply to just Canadians in 40% marginal tax bracket?

Why do these Reddit users focus on the "40% marginal tax bracket"? How did they calculate it? Assume that we're in Ontario so that we can work with Ontario's provincial tax rates. 35K at 5% for 90 ...
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3 votes
2 answers

Can I withdraw from an RRSP for home renovation using the Home Buyer's Plan?

I have withdrawn $15,000 using Canada Home Buyer's Plan from my spouse's RRSP account in the year 2016. The withdrawal was only from spouse's RRSP account, not my account. Now we are planning to do a ...
corning's user avatar
  • 187
3 votes
1 answer

Can employee share ownership plan (ESOP) contributions to an RRSP account qualify as HBP repayment?

Can employee share ownership plan (ESOP) contributions to an RRSP account be designated as repayment towards a previous withdrawal made under the Home Buyers' Plan?
Ramanan Krish's user avatar
2 votes
1 answer

Can the Home buyer's Plan (HBP) RRSP repayment start from the same year in which the loan is taken?

I am a first time home buyer and am thinking of making use of the HBP (Home Buyer's Plan). I have $35,000 in RRSP contribution limit. I am planning to deposit $25,000 into my RRSP account and $10,000 ...
Konoha's user avatar
  • 45
1 vote
1 answer

Pay off Home Buyers Plan - or not

I am single and retired and owe a balance of $4800 on my HBP with 4 years to go repaying at $1207 per year which I have to declare as income. I live on the Gov. CPP and OAS with supplements and with ...
James's user avatar
  • 13