Rule Changes for RRSP Home Buyers Plan

Apr 26

The RRSP Home Buyers Plan (HBP) has been making down payments more affordable for

Canadians since 1992. Finance Minister, Chrystia Freeland, has announced new changes to

increase the impact of the HBP, effective April 16, 2024:

- Increasing the maximum withdrawal limit from $35,000 to $60,000, and

- Extending the first repayment requirement from two years to five years, including for those who made HBP withdrawals from 2022-2025.

These enhancements, combined with the Tax-Free First Home Savings Account and enhanced

amortization options, means more Canadians will have an opportunity to get into real estate

ownership through proper planning.

Thomas Johnson, CFP®, B.Comm.(Hons.)
-Certified Financial Planner with Cascade Financial Group-

Seasonal Challenges: April showers and May flowers