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Tax tips for first-time homebuyers

1. Use the Home Buyers’ Plan (HBP)

You’re eligible if you meet CRA’s definition of a first-time homebuyer. To qualify, you can’t have lived in a home that you, your spouse or common-law partner, owned in the last four years. In that case, you can withdraw up to $25,000 from your RRSP to buy or build a home.

When buying or building:

At tax time:

a. Report Home Buyers’ Plan RRSP withdrawals.

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