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First-Time Home Buyer Incentive
In March of 2019 the federal government offered help to young homebuyers, many of whom find it very difficult to afford to purchase in some of our more expensive cities.
There were two measures targeted at first-time homebuyers:
Maximum Withdrawal from RRSPs was Increased (March 19 2019)
The simplest to understand is the $10,000 increase in the federal Home Buyers' Plan (HBP) maximum tax-free withdrawal from RRSPs to $35,000, effective immediately. This allowable withdrawal for first-time buyers will now also apply to people experiencing the breakdown of a marriage or common-law partnership who don't meet the usual requirement of being a first-time homebuyer.
What about the Downpayment Program (WATCH THIS VIDEO ⬇)
How it all works..
More Information about the Program:
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