What is HBP (Home Buyers' Plan) in Canadian mortgages?
CRA program allowing first-time buyers to withdraw up to $35,000 per person ($70,000 per couple) from their RRSP tax-free to use as a down payment. Must be repaid over 15 years.
What is the HBP limit for Canadian mortgages?
Max $35,000 per person; repay 1/15 per year for 15 years
HBP example
Worked example
Couple withdraws $35K each ($70K total) for down payment. Repay $4,667/year each for 15 years.