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The Home Buyers’ Plan & You!  - Braley Winton Financial Group Inc.

The Home Buyers’ Plan & You!

Date posted: May 1, 2012



The Home Buyers’ Plan & You!

Spring is off to a chilly start this year; however the housing market is anything but cool.

Around this time of year, thousands of real estate signs start popping up faster than the tulips, and this spring is no different.

Major trends include the single family home, as well as the recent condo boom. Low interest rates continue to attract first time home buyers, as does government programs such as the HBP (Home Buyers’ Plan).

What is the HBP and how can I take advantage of it?

For those of you unfamiliar with the Home Buyers’ Plan, it is a government program which allows you to withdraw funds from your RRSP in order to buy a qualifying home.

In 2009 the federal budget announced that the limit for this program would increase from $20,000 to $25,000 thus providing first-time home buyers with additional access to savings.

Because the withdrawal is considered to be a “loan” you must pay back the amount you have withdrawn within 15 years. Generally speaking, you will pay back 1/15 to your RRSPs each year.

Braley Winton Mortgage Brokerage Services

There are many questions you may have regarding whether the HBP is the right option for you.

Our Mortgage Brokers as well as Financial Advisors are here to help determine the right strategy for you and your investment.

To speak with a Financial Advisor please call Tel. (514) 620-0051.

Or for more information on our Mortgage Brokerage services please call Tel. (514) 426-7632.

Forms as well as information on the HBP can be found at the Canada Revenue Agency website

Federal and Provincial Budgets announced

On March 29, 2012 the new budget came out.  Worth mentioning are the changes proposed to the OAS.   

Eligibility for Old Age Security has risen from 65 to 67. The good news is that people aged 54 and older will not be affected, myself included. The proposed increase will begin in 2023 and be fully implemented by January 2029.

Seniors will also be able to defer receipt of their OAS pension for up to 5 years in order to obtain a higher OAS amount at a later date.

If you have any questions regarding the implications this may have on your portfolio, please do not hesitate to contact us.

I hope you all have a very pleasant spring and we thank you for your continued support. It is appreciated.



Herbert Braley Sr.
President & CEO

Head Office

Braley Winton Financial Group
1868 Boulevard des Sources, Suite 400
Pointe-Claire, Quebec
H9R 5R2

Tel: 514-620-0051
Fax: 514-620-8967
Toll-Free: 1-888-857-2222

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