Harper pledges higher RRSP withdrawal limit for homebuyers

By Special to MoneySense on August 13, 2015
Estimated reading time: 1 minute

HBP would be hiked to $35K

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The Conservatives would let first-time buyers take $35,000 from their RRSPs to pay for homes if they’re re-elected, said Stephen Harper during a campaign stop in Vancouver on Wednesday. Under the Home Buyers’ Plan, new buyers can currently take $25,000 from their registered retirement plans, tax free, to purchase their starter homes. Owners must pay the money back within 15 years of the withdrawal. The Conservatives say skyrocketing home prices in cities such as Toronto and Vancouver are making the increase necessary. If re-elected, a Conservative government would also collect data on how foreign investors are impacting the Canadian housing market. This article was originally published on Advisor.ca Home Buyers’ Plan is tax-free money » Using the Home Buyers’ Plan on a second home » Paying back the RRSP Home Buyers’ Plan »