The Home Buyers’ Plan (HBP)
You may be able to tap into your Registered Retirement Savings Plan (RRSP) to get a bigger down payment.
The Home Buyers’ Plan allows first time homeowners to withdraw up to $25,000 from their RRSP without tax consequences as long as it is repaid in the specified timeframe.
If you’d like to withdraw money under HBP, you need to fill out a Form T1036 for your financial institution. If you don’t complete the form, your withdrawal will be considered income and you will receive a T4RSP to report it on your tax return.