Can I Use My RRSP For My Down Payment?

Did you know that you can use your RRSP savings to buy your first home in Sudbury? The Home Buyers’ Plan (HBP) is a great way to make this possible by allowing you to withdraw money from your RRSP tax-free and put it toward your down payment. With this program, you can withdraw up to $60,000 per person, or $120,000 for couples, which can significantly increase your buying power and help you purchase the home you’ve been dreaming of.

There are a few important details you need to know. To qualify, you need to be a first-time homebuyer (or you haven’t owned a home in the past four years), and the funds must have been in your RRSP for at least 90 days before withdrawal. You’ll also need to sign an agreement to purchase or build a qualifying home in Canada, and you must move into the home as your principal residence within one year. When it comes to repayment, the rules are very manageable. You have 15 years to repay the money, and if you made the withdrawal between 2022 and 2025, you don’t have to start paying it back for five years instead of the usual two.

This is one of the best ways to make homeownership in Sudbury more affordable, especially for first-time buyers who want to take advantage of every tool available. If you’re considering buying your first home and want to learn more about using your RRSP under the Home Buyers’ Plan, get in touch with me today. I’ll guide you through the process and make sure you understand every step so you can buy your Sudbury home with confidence.