RRSP Home Buyers Plan
The Home Buyer’s Plan (HBP) is a government program that allows home buyers to withdraw up to $25,000 from their Registered Retirement Saving’s Plan (RRSP) to put towards buying or building a new home.
Before you can withdraw funds, you have to be entered into a written agreement that specifies whether you will be buying or building your new home. You also must occupy this space no later than a year after buying or building this new home.
To take advantage of this program you have to be considered a first-time buyer. You are not a first-time home buyer if you (or you and your spouse) has owned a home which you have occupied as your principal place of residence in the past 5 years.
Once those conditions are met each person can withdraw up to $25,000 tax-free from their RRSP for a new home. Couples, including common-law, can withdraw up to $50,000. You will not pay income tax on these amounts as long as these funds will be repaid into an RRSP in the future.
Existing homeowners can also use this program to purchase an accessible home or a home for a disabled dependent relative. The intended individual must qualify for the Disability Tax Credit (DTC) and this home must be more accessible or better suited to the care of this individual.
Gianpiero (GP) Di Palma and his team of qualified and professional real estate agents service areas include: All of Toronto and the GTA, Peel Region, Halton Region, Hamilton, Durham Region, York Region, Wellington County, Brant County, Niagara Region, Waterloo Region, Grey County, Dufferin County, Simcoe County, Simcoe Region, Kawartha Lakes, Peterborough County, Nipissing District, Muskoka Region, and others. Neighbourhoods & communities we serve: Ajax, Alderwood, Alliston, Ancaster, Angus, Annex, Armour Heights, Aurora, Barrie, Bayview Village, Beamsville, Beaverton, Binbrook, Bloor West Village, Bolton, Bond Head, Bracebridge, Bradford, Bridal Path, Brock, Burlington, Caledon, Tottenham, Beeton, Bond Head, Caledonia, Cannington, Casa Loma, Chinatown, Churchill Meadows, Clarkson, Clanton Park, Cobourg, Collingwood, Concord, Cooksville, Credit Mills, Credit Pointe, Creditview, Danforth Village, Don Mills, Don Valley Village, Downsview, Dundas, East Credit, East York, Elora, Erin, Erin Mills, Essa, Etobicoke, Fairview, Fergus, Forest Hill, Georgetown, Georgina, Grand Valley, Gravenhurst, Grimsby, Guildwood, Guelph, Halton Hills, Hamilton, Harbourfront, High Park, Hoggs Hollow, Horseshoe Valley, Hurontario, Huntsville, Innisfil, Keswick, King, King City, Kleinburg, Lakeview, Lawrence Manor, Lawrence Park, Leaside, Leslieville, Liberty Village, Lincoln, Lisgar, Little Italy, Little Portugal, Long Branch, Lorne Park, Loretto, Maple, Markham, Markland Wood, Meadowvale, Meadowvale Village, Midhurst, Midland, Millbrook, Mimico, Mineola, Mississauga Rd, Mississauga Valleys, Moore Park, Mount Dennis, Muskoka, New Toronto, Newmarket, Niagara Falls, Niagara-on-the-Lake, Nobleton, North Toronto, North York, Oak Ridges, Oakville, Orangeville, Orillia, Oro-Medonte, Oshawa, Parkdale, Penetanguishene, Pickering, Port Credit, Port Hope, Port Perry, Puslinch, Ramara, Rathwood, Richmond Hill, Riverdale, Roncesvalles, Rosedale, Rattray Marsh, Scarborough, Schomberg, Shelburne, Sheridan, Smithville, South Riverdale, Springwater, St. Catharines, St. Lawrence Market, Stayner, Stoney Creek, Streetsville, Sunnyside, Swansea, The Beaches, The Junction, The Kingsway, The Queensway, Thornhill, Tiny, Tottenham, Trinity Bellwoods, Vaughan, Wasaga Beach, Welland, Weston Village, Whitby, Whitchurch-Stouffville, Willowdale, Woodbridge, York, York Mills, Yorkville.
384 Winfield Terrace, Mississauga, Ontario, L5R 1N8
Main Office: 800-704-2334
Fax: 416-987-4920
Email: newworld2000realty@gmail.com
Gianpiero (GP) Di Palma
New World 2000 Realty Inc. Brokerage Broker of Record
3149 15th Sideroad, Beeton, Ontario L0G 1A0
Direct: 416-417-8790
Office: 647-951-7355
Main Office: 800-704-2334
Email: gpdipalma@gmail.com
