Quote:
Originally Posted by Plush
Thanks for the input guys.
I thought HBP is like a student loan or any loans that I could get it now and pay in x amount of time.
@sonick could you only withdraw the amount that you already contributed or could you max the 25k?
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The HBP is not a loan. With the HBP you are withdrawing your own money which you have invested previously in your RRSP, but just allows you to do so without being taxed on it.
You can only withdraw as much as you have previously invested in the RRSP, up to a maximum of $25k.
The 15 year re-payment plan is basically re-paying yourself back into the RRSP you withdrew.
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Quote:
Originally Posted by skyxx
Sonick is a genius. I won't go into detail what's so great about his post. But it's damn good!
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