Should both married couples claim for the HBP, or just one is sufficient?

Designed to make home ownership more affordable, you can borrow up to $35,000 from your Registered Retirement Savings Plan (RRSP) to put towards buying or building your first home with the Home Buyers’ Plan (HBP). If you are buying the house with your spouse, each of you can withdraw $35,000 from your respective RRSPs, for a total of $70,000.

Think of HPB as a loan program for people with RRSPs. When you participate, your RRSP withdrawals are not taxed as income AND you’ll have a smaller mortgage, which will save you thousands of dollars in interest over time.

For more information, please see TurboTax webpage: What is the Home Buyer's Plan (HBP): Qualification and Repayment Process

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