{"id":63,"date":"2018-02-26T08:12:19","date_gmt":"2018-02-26T16:12:19","guid":{"rendered":"http:\/\/www.monettyler.com\/blog\/?p=63"},"modified":"2018-03-15T11:22:06","modified_gmt":"2018-03-15T18:22:06","slug":"9-things-you-should-know-about-the-home-buyers-plan","status":"publish","type":"post","link":"https:\/\/www.monettyler.com\/blog\/2018\/02\/26\/9-things-you-should-know-about-the-home-buyers-plan\/","title":{"rendered":"9 Things You Should Know About the Home Buyers\u2019 Plan"},"content":{"rendered":"<p>The Home Buyers\u2019 Plan (HBP) is a program that allows you to withdraw up to $25,000 from your Registered Retirement Savings Plans (RRSPs) to buy or build a\u00a0<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/rrsps-related-plans\/what-home-buyers-plan\/definitions-home-buyer-s-plan.html#qlfy_hm\">qualifying home<\/a>\u00a0for yourself or for a related\u00a0<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/rrsps-related-plans\/what-home-buyers-plan\/definitions-home-buyer-s-plan.html#prsn_wth_dsblty\">person with a disability<\/a>.<\/p>\n<p>The one thing to keep in mind is that the HBP comes with several strings attached. Break them, and you will face financial penalties, so here are nine things every first-time home buyer in Canada must know.<\/p>\n<h2>1. The HBP is geared to first-time home buyers<\/h2>\n<h2>2. You need an existing Retirement Savings Plan to play<\/h2>\n<h2>3. The money needs to be present in your RRSP account for a period of time<\/h2>\n<h2>4. $25,000 is the limit\u2026but is it?<\/h2>\n<h2>5. You\u2019re not going anywhere without a written agreement<\/h2>\n<h2>6. You will need to fill out and forward Form T1036 to make a withdrawal<\/h2>\n<h2>7. You cannot use the HBP to fund an investment property<\/h2>\n<h2>8. You need to pay this money back into your RRSP in a specified amount of time<\/h2>\n<h2>9. Be prepared to demonstrate compliance<\/h2>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.realtor.ca\/TrendsInsights\/PostPage\/1037\/1362\/9-Things-You-Should-Know-About-the-Home-Buyers%E2%80%99-Plan\/\">Read full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Home Buyers\u2019 Plan (HBP) is a program that allows you to withdraw up to $25,000 from your Registered Retirement Savings Plans (RRSPs) to buy or build a\u00a0qualifying home\u00a0for yourself &hellip; [<a href=\"https:\/\/www.monettyler.com\/blog\/2018\/02\/26\/9-things-you-should-know-about-the-home-buyers-plan\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[41,40,39,7,38,9,25],"class_list":["post-63","post","type-post","status-publish","format-standard","hentry","category-home-advice","tag-first-time-home-buyers","tag-hbp","tag-home-buyers-plan","tag-monet-tyler","tag-realtor-ca","tag-royal-lepage","tag-royal-lepage-west"],"_links":{"self":[{"href":"https:\/\/www.monettyler.com\/blog\/wp-json\/wp\/v2\/posts\/63","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.monettyler.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.monettyler.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.monettyler.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.monettyler.com\/blog\/wp-json\/wp\/v2\/comments?post=63"}],"version-history":[{"count":1,"href":"https:\/\/www.monettyler.com\/blog\/wp-json\/wp\/v2\/posts\/63\/revisions"}],"predecessor-version":[{"id":65,"href":"https:\/\/www.monettyler.com\/blog\/wp-json\/wp\/v2\/posts\/63\/revisions\/65"}],"wp:attachment":[{"href":"https:\/\/www.monettyler.com\/blog\/wp-json\/wp\/v2\/media?parent=63"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.monettyler.com\/blog\/wp-json\/wp\/v2\/categories?post=63"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.monettyler.com\/blog\/wp-json\/wp\/v2\/tags?post=63"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}