First Time Home Buyers

We have a mortgage for you.

As a first-time home buyer, you probably have many questions. There’s no better place for tailored mortgage than right here at Tandia.  Our Member Service Advisors are highly skilled and knowledgeable about the competitive mortgage marketplace, the features and benefits of the home financing products we offer and will listen to your unique needs. We'll be your partner each step of the way to owning your first home, from helping you understand your options, to mortgage pre-approval, to the final stages of closing your mortgage. Should you have any questions or concerns even after your mortgage transaction is complete, you can always count on helpful personal service and preferred ‘member’ rates upon renewal.

Home Buyers' Plan (HBP)

The HBP is a program that allows you to withdraw up to $25,000 per person (or $50,000 per couple) from your registered retirement savings plans (RRSPs) to help buy or build a qualifying home. Withdrawals that meet all conditions do not have to be included in income and there is no withholding tax.

Terms and Conditions Expand/Collapse

  • You have entered into a written agreement to buy or build a qualifying home. You intend to occupy the home as your principal residence
  • You or your spouse or common law partner have to be considered a first-time home buyer i.e. have never owned or have not owned in the last 4 calendar years and 31 days before the withdrawal
  • Your HBP balance on January 1 of the year of the withdrawal has to be zero i.e. nothing is outstanding from a previous purchase
  • Neither you, nor your spouse or common-law partner can own the home more than 30 days before a withdrawal is made
  • You must be a resident of Canada
  • You must complete Form T1036
  • You have to receive all withdrawals in the same year
  • You have to buy or build the home before October 1 of the year after the year of the withdrawal
  • When an RRSP contribution is made, you must wait 90 days before withdrawing funds under the HBP or you may be denied the right to use that contribution as an RRSP deduction for that year
  • The home can be for yourself or it can be for a related disabled person if it is more accessible to that person than his or her current home, or it is better suited to that person’s needs. You can acquire the home for the disabled person or you can provide the withdrawn funds to the disabled person to acquire the home.

Repayment of RRSP Funds

Repayment of the funds back to your RRSP must be made within a period of no more than 15 years. Generally, in each year of your repayment period, you have to repay 1/15 of the total amount you withdrew until the full amount is repaid.
Your repayment period starts the second year following the year in which you made your withdrawals. If the required amount is not repaid in a year, that year's repayment amount will be added to your income and taxed accordingly. Repayment can occur earlier if you wish.

It's easy to apply

You can start your mortgage application online, call our Member Solutions Centre at 1.800.598.2891 or visit your branch (an appointment is recommended).

 

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