Saving up for a down payment on a home can take a considerable amount of time. For first time home buyers in Canada however, there are ways making a down payment can be done more easily. With the ability to withdraw up to $25,000 from your RRSP tax-free, through the Canada Revenue Agency’s Registered Retirement Savings Plan, the RRSP Home Buyer’s Plan (HBP), helps Canadians get that first down payment made much faster than originally thought.

To qualify as a first-time homebuyer, the following criteria must be met: