Financial Literacy

The Home Buyers' Plan (HBP) is a program in Canada that allows an individual to withdraw up to $25,000 in a calendar year from a Registered Retirement Savings Plans (RRSP) to buy or build a qualifying home. The withdrawal is not taxed as income and no interest is owed on those funds. There are set terms governing the payback of the loan. Resources CRA: What is the Home Buyer's Plan? Am I Eligible for Home Buyers' Plan (HBP)

An Annuity is an investment where the investor provides cash to the vendor of the annuity, usually an insurance company, in exchange for the promise to pay a series of periodic payments in return. Payments are paid to the planholder (annuitant) for life (life annuity) or for a defined period (fixed term annuity). Resources Annuities: Your DIY pension plan   How to Select and Shop for an Annuity