Home Buyers Plan (HBP)

The First Time Home Buyers Plan is a government program allowing first time home buyers to use up to $25 000 from their RRSP for a down payment on their first home in Canada. When two people are buying a home together, they can each use $25 000, with a total of $50 000 for a down payment, provided they are both first time home buyers.

First Time Home Buyers Incentive (FTHBI)
The First Time Home Buyers Incentive is a shared equity mortgage with the Government of Canada offering 5-10% towards the purchase of a new or resale home. After 25 years or when the property is sold, the home buyer would have to repay based on the property's market value. Home buyers can also repay the incentive in full at any time before without a prepayment penalty.