Allows when buying a home, to withdraw RRSPs without increasing taxes payable.
Rules of the diet:
You must have RRSPs
In the past 4 years, you have not lived in a home that you or your current spouse owned
You got divorced or separated from your common-law partner (even if you were a homeowner)
RRSPs must have been acquired for at least 90 days
R.A.P. must be done no later than 30 days after purchase
Withdrawal R.A.P. must be done in the same tax year
Any subsequent HBP withdrawal must have been repaid
After a 2-year respite, the money withdrawn from the HBP must be returned to an RRSP over a period of 15 years
Don't have an RRSP currently ?
Ask me ! I can explain how to get it and get a tax return.