Withdraw up to $35,000 from your RRSP to finance your first home purchase through the Home Buyers' Plan
The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $35,000 from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home. The withdrawal is tax-free as long as you repay it within 15 years.
To be eligible for the HBP, you must be a first-time homebuyer, have a written agreement to buy or build a qualifying home, be a Canadian resident, and plan to occupy the home as your principal residence within one year after buying or building it.
You have up to 15 years to repay the amount withdrawn under the HBP. Each year, you must repay at least 1/15 of the total amount withdrawn. These repayments are not tax-deductible, as you already received the tax deduction when you first contributed to your RRSP.
The HBP can be an effective tool when combined with other first-time homebuyer programs. Our experts can help you determine if the HBP is right for you and create a strategy that maximizes its benefits while ensuring you can comfortably manage the repayment schedule.
Withdraw up to $35,000 from your RRSP tax-free
15-year repayment period with manageable annual payments
Withdrawals are not taxed when used for home purchase
Couples can withdraw up to $70,000 combined
Available to first-time homebuyers and those who qualify
Guidance on HBP rules, withdrawals, and repayment