Currently, first-time home buyers can withdraw up to $25,000 from their RRSPs tax-free to purchase or build a home. These withdrawals must be repaid over a 15-year period or included in the individual’s income if not repaid. The Budget proposes to increase the withdrawal limit to $35,000 for individuals ($70,000 for a couple). It also proposes to extend access to the Home Buyer’s Plan to individuals who experience a breakdown of a marriage or common-law partnership, even if they are not purchasing a first home.
Reference: http://www.mondaq.com/canada/x/793700/tax+authorities/Highlights+Of+Canadian+Federal+2019+Budget
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