Enhancements to the HOME BUYER’S PLAN (HBP) and the CANADIAN MORTGAGE CHARTER (CMC) announced April 11/24 by the Federal Government, are aimed at helping to put homeownership back in reach.
- Budget 2024 proposes to increase the HBP limit from $35,000 to $60,000. The HBP allows Canadians to withdraw funds from the RRSPs to buy or build a qualifying home. (See also: Tax-Free First Home Savings Account)
- 30- year insured mortgage amortizations are back on the table, in Budget 2024 for new builds purchased by first time homebuyers.
- Enhancements to the CMC will allow permanent amortization relief to protect existing homeowners under certain circumstances.
- Changes to the rules about repayment of HBP withdrawals: Canadians who withdraw from their HBP between 1/1/2022 and 12/31/25, will see repayment grace periods extended by 3 years.
Read the full News Release below.
Link to News Release: https://www.canada.ca/en/department-finance/news/2024/04/putting-home-ownership-back-within-reach-and-supporting-canadian-homeowners.html
Link to Home Buyer’s Plan: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html
Link to Tax-Free First Home Savings Account (FHSA): https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html
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