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The Home Buyers’ Plan (HBP)

Home Buyers’ Plan

A program that lets you take money out of your , tax-free, to buy a first home, as long as you pay it back.

The 2026 numbers

$60,000
Maximum withdrawal, per person
15
Years to repay
2028
Repayment deferral: withdrawals made up to

Numbers checked against the official sources on September 28, 2026.

What it’s for

  • Using your retirement savings for the down payment, with no tax on the withdrawal.
  • Combining it with the for the same purchase.

Who it’s for

  • First-time buyers who already have money in their RRSP. The first-time buyer rules are similar to the FHSA’s; the spells them out.
  • In a couple, each person can withdraw up to $60,000, so $120,000 for the same home.

How it works

  1. You withdraw up to $60,000 from your RRSP for a qualifying home. The withdrawal isn’t taxed.

  2. You then repay your RRSP over 15 years, normally starting the 2nd year after the withdrawal.

  3. Temporary relief: for withdrawals made from 2022 to 2028, repayment starts the 5th year after the first withdrawal.

  4. Each year, any required repayment you skip is added to your taxable income.

An example

You withdraw $30,000 in 2026

For the down payment on your first condo.

Tax-free withdrawal
$30,000
Minimum repayment per year
$2,000
Repayment years
2031 to 2045

Paying it back faster is allowed: the money starts working for your retirement again sooner.

Fictional example, round numbers.

Common mistakes

  • Forgetting a repayment: the missed amount becomes taxable income.
  • Withdrawing from the RRSP without using the HBP: the withdrawal would be taxed as regular income.
  • Emptying your RRSP without a plan: the money stops growing for retirement until it’s paid back.
  • Forgetting the FHSA: it never has to be paid back. For a first home, it often comes first.

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General information to help you understand, not personalized advice. Rules change: every number links to its official source.