Home Buyers' Plan (HBP)

Categories: Real Estate, Retirement and Pension,

A provision under Canadian law that permits the withdrawal of up to $25,000 from a registered retirement savings plan (RRSP) for the purpose of purchasing or building housing in Canada for personal use (or for a disabled family member). This withdrawal is treated as a loan against the retirement plan. The person making the withdrawal must repay the plan over a period of no more than 15 years.