Wealth Sandbox

Home Buyers Plan (HBP)

Canada

Withdraw from your RRSP tax-free for a first home. Max $35,000. Repay over 15 years starting the second year after withdrawal. Missed repayments are added to income. FHSA and HBP can both be used for the same purchase.

$
Annual repayment required
$2,333

First repayment in 2028 · 15 years

Repayment schedule
  • 2028$2,333
  • 2029$2,333
  • 2030$2,333
  • 2031$2,333
  • 2032$2,333
  • … and 10 more years

Repayments are not tax-deductible but restore RRSP room. If you do not repay the required amount, the shortfall is added to your taxable income. CRA rules apply.

About this calculator

The Home Buyers' Plan (HBP) lets you withdraw money from your RRSP tax-free to buy or build a qualifying first home in Canada. You can withdraw up to $35,000 (or $70,000 for a couple if both are eligible), and you must repay the amount over 15 years starting the second year after the year of withdrawal. This calculator shows your required annual repayment and the full schedule so you can plan your RRSP repayments and avoid having unpaid amounts added to your taxable income.

How it works

Withdrawal: You can withdraw up to $35,000 from your RRSP under the HBP. The withdrawal is not taxed at the time you take it, and it does not use RRSP contribution room. You must be a first-time home buyer (or meet the CRA's exceptions), and the funds must be used to buy or build a qualifying home for yourself (or a related person with a disability).

Repayment: Repayment starts the second year after the year of withdrawal. For example, a withdrawal in 2026 means the first repayment is due in 2028. The required annual repayment is the withdrawal amount divided by 15. You have 15 years to repay the full amount. Repayments are not tax-deductible, but they do restore RRSP room. If you do not repay the required minimum in a year, the shortfall is included in your taxable income for that year.

You can use both the FHSA and the HBP for the same purchase. CRA rules and eligibility apply; confirm with Canada.ca and your advisor.

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