You’ve heard about the Home Buyers’ Plan (HBP) for a house purchase and you are wondering whether or not it’s worth it. You don’t even have RRSPs, but your brother-in-law keeps telling you that it’s worth it. You want to believe him, but you aren’t sure that it would be good for you. Here is everything you need to know about the Home Buyers’ Plan, also known as HBP.
1. Who benefits from the HBP?
Is the HBP beneficial to everyone? No, but almost. The HBP helps people who pay taxes. So, if your salary is high enough that taxes are taken off every paycheck, it may be useful for you. If that’s your case, you should keep reading.
2. What is the HBP for buying a house?
It’s a program that helps Canadians become homeowners. It is the right to use your RRSPs as a down payment when buying a property. By the way, even if you don’t currently have RRSPs this program can be very interesting for you. I will explain why a little later but for now, here are the advantages of the HBP.
3. The benefits of using the HBP as a down payment
There are several advantages to using the Home Buyers’ Plan (HBP). … LIRE LA SUITE