If you are a first time propective home buyer – this is the most important and beneficial program that the will help you get there.
In short, the program allows you to use your RRSP contributions to make a downpayment on your first home. There are limitations – but the benefits far outweigh them.
I used the Home Buyer’s Plan – and for me the advantage was that I saved up the money for the downpayment in a tax free vehicle – and took the money out tax free too!
Almost nothing in this country is tax free – but the Home Buyer’s Plan is. I’m not joking. You do have to pay the money back into your RRSP account within 10 years, but that’s a long time to work on it. I don’t imagine I’ll have any problems paying it back.
Not only that – but the advantages of paying into your RRSP is just about the only serious tax break regular people get.
The First Million Is The Hardest 