Housing guide · Updated October 5, 2026

Home Buyers' Plan (HBP)

The Home Buyers' Plan lets first-time buyers take up to $60,000 out of their RRSPs, tax-free, for a down payment, then pay it back over 15 years.

Maximum withdrawal

$60,000

per person, so a couple can use up to $120,000

Repayment period

15 years

equal yearly minimums

First repayment

5th year after

for first withdrawals 2022 to 2028

HBP repayment calculator

See when you start repaying and your minimum each year.

Amount withdrawn Year of first withdrawal

First repayment year

Minimum per year

Fully repaid by

Who can use the HBP

You can withdraw under the HBP if you meet all of these conditions when you take the money out:

✓You're a first-time home buyer: you haven't lived in a home that you or your spouse or common-law partner owned at any time in the current year or the four years before it. (This doesn't apply if you're buying for a person with a disability.)
✓You have a written agreement to buy or build a qualifying home. A mortgage pre-approval does not count.
✓You're a resident of Canada from your first withdrawal until you buy or build the home.
✓You intend to live in the home as your principal residence within one year of buying or building it.

How to withdraw

1Sign the agreement of purchase and sale (or the construction contract).
2Fill out CRA Form T1036 and give it to your RRSP issuer. You can split the withdrawal across several RRSPs.
3Your issuer pays out up to $60,000 with no tax withheld.
4Buy or build the home before October 1 of the year after your first withdrawal.
5Report the withdrawal on Schedule 7 of your tax return.

How repayment works

You repay at least 1/15 of the amount you withdrew each year. Your Notice of Assessment shows the minimum. Repayments are regular RRSP contributions that you designate as HBP repayments on Schedule 7, and they aren't deductible.

Because of temporary relief, if your first withdrawal was between January 1, 2022 and December 31, 2028, your first repayment is due in the fifth year after that withdrawal: a first withdrawal in 2026 means your first repayment year is 2031. Earlier withdrawals start repaying in the second year after.

If you pay less than the minimum in a year, the shortfall is added to your taxable income for that year. You can always repay more, which lowers the minimum for later years.

HBP vs FHSA: use both

You can withdraw from your RRSP under the HBP and make a qualifying FHSA withdrawal for the same home. FHSA withdrawals never have to be repaid, so first-time buyers usually use the FHSA first and the HBP on top.

Frequently asked questions

How much can I take out under the Home Buyers' Plan?

Up to $60,000 per person from your RRSPs. Two eligible buyers purchasing together can each withdraw the limit.

When do I start repaying the HBP?

For a first withdrawal between 2022 and 2028, repayment starts in the fifth year after the withdrawal (2026 withdrawal: first repayment in 2031). You then have 15 years in total.

What happens if I miss an HBP repayment?

The amount you didn't repay is added to your income for that year and taxed at your marginal rate. It doesn't reduce your RRSP room further.

Can I use the HBP and the FHSA together?

Yes. You can make an HBP withdrawal and a qualifying FHSA withdrawal for the same home, as long as you meet each program's conditions.

Does a pre-approved mortgage count as a written agreement?

No. You need a signed agreement to buy or build a qualifying home before you withdraw.

Sources

Figures checked against these official sources on October 5, 2026. We re-check them every week; see what changed.

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