Home Buyers Plan Repayment in Divorce

how to pay back home buyers plan
  • Significant changes to HBP in the March 2019 federal budget with a direct impact on separating couples.

  • Withdraw tax-free funding from their Registered Retirement Savings Plan (RRSP) to purchase a new home.

  • The HBP withdrawal balance outstanding on the date of separation is a personal debt to be equalized.

  • If your spouse has a Home Buyers Plan balance, you do not automatically become responsible for repayment.

  • It is required to be paid back to the RSP in full over a fifteen-year period

Home Buyers Plan statement

Home Buyer Plan changes that impact divorce.

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About the Author:
Ken Maynard CDFA, Acc.FM

I assist intelligent and successful couples in crafting rapid, custom separation agreements that pave the way for a smooth transition towards a secure future. This efficient process is achieved in about four meetings, effectively sidestepping the excessive conflicts, confusion, and costs commonly linked to legal proceedings. Clients have the flexibility to collaborate with me either via video conference or in-person through a DTSW associate at any of our six Greater Toronto mediation centers, located in Aurora, Barrie, North York, Vaughan, Mississauga, and Scarborough.

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