Tax Changes – The Home Buyers’ Plan (HBP)
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List of few Tax Changes Taking Effect on January 1, 2020
1. The Home Buyers’ Plan (HBP) helps first-time home buyers save for a down payment by allowing them to withdraw up to $35,000 instead of $25,000 for previous years, from a registered retirement savings plan to purchase or build a home without having to pay tax on the withdrawal.
2. Beginning in 2020, individuals who experience a breakdown of a marriage or common-law partnership, in the year of making a withdrawal or in any of the four preceding calendar years,will be able to access the Home Buyers’ Plan, even if they do not meet the first-time home buyer requirement.
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