FinviloThe RRSP Home Buyers' Plan: how much you can withdraw and repay
The Home Buyers' Plan lets a first-time buyer withdraw up to CAD 60,000 from their RRSPs tax-free to buy or build a qualifying home. You repay it to your RRSP over 15 years, and any amount you skip in a year is added to your taxable income.
Who qualifies
You generally qualify if neither you nor your spouse or common-law partner owned and lived in a home as a principal residence in the four-year period described by the CRA. You must be a Canadian resident, have a written agreement to buy or build, and intend to live in the home within a year.
Limits and timing
The limit is CAD 60,000 per person for withdrawals made after April 16, 2024, so a couple can use up to CAD 120,000. Contributions must stay in the RRSP at least 90 days before you withdraw them, or they may not be deductible.
Repayment
Repayment normally starts the second year after the withdrawal. For withdrawals made from 2022 to 2025, the start is deferred to the fifth year. The CRA shows your yearly minimum on your notice of assessment.
Using it with an FHSA
You can use the Home Buyers' Plan and a First Home Savings Account for the same purchase. FHSA withdrawals for a home never need to be repaid, so many buyers draw on the FHSA first.
Run the numbers with our calculator
Frequently asked questions
- Can I use the HBP more than once?
- Yes, once your previous HBP balance is fully repaid and you qualify as a first-time buyer again.
- Does the HBP reduce my retirement savings?
- Yes, while the money is out of your RRSP it is not growing tax-sheltered. That cost is worth weighing.
Compare options
Official sources
General information only, not personalized financial, tax or legal advice. Rules change; confirm current details with the source.