As announced in the last federal budget on April 11, the Home Buyers’ Plan (HBP) withdrawal limit was raised from $35,000 to $60,000. As such, Investia has just received confirmation that we can now proceed with this change for our clients.

First-time home buyers can now take advantage of this new increased amount, even if a HBP withdrawal was made earlier in 2024, as long as the withdrawal is made within 30 days of taking ownership of the property.

The HBP rules permit multiple withdrawals as long as they’re in the same calendar year as the first withdrawal, so clients who have already withdrawn the maximum $35,000 may now be able to take advantage of the higher withdrawal limit.

For example, a client who signed a purchase offer in February 2024, withdrew $35,000 from his HBP in March and acquired the property on April 5 could withdraw an additional $25,000 up to May 5, 2024, because in doing so he would be complying with the following rules:

• $60,000 limit for 2024
• 30-day rule