How to Tap Into Your RRSP to Buy a House

The Home Buyers’ Plan (HBP), which lets you access RRSP funds to put towards a home purchase, through a “loan.”

Using the Home Buyers’ Plan to can be an effective way to tap into an existing RRSP for a home purchase. Samira Bouaou/Epoch Times

There’s a cardinal rule for making RRSP withdrawals before maturity: Don’t!

The tax hit on withdrawals has always been a huge obstacle to using your RRSP as a source of cash. However, at times, your RRSP can make a “loan” to you, rather than an actual withdrawal. The Home Buyers’ Plan (HBP), which lets you access RRSP funds to put towards a home purchase, is one such case. Here’s how it works.