How it works
An eligible first-time buyer can withdraw up to a limit set by the government, per person, from their RRSP tax-free to buy or build a qualifying home. A couple buying together can each use their own limit. Confirm the current limit before relying on it, as it can change.
Repayment
The withdrawal is a loan from yourself and must be repaid to the RRSP over a set number of years, beginning the second year after the withdrawal. If a year's required repayment is not made, that amount is added to your taxable income for the year.
Eligibility
You must be a first-time buyer and a Canadian resident, and the funds must generally have been in the RRSP for a minimum period before withdrawal.
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How much can I withdraw under the Home Buyers' Plan?
Up to a limit set by the government, per person, from your RRSP, tax-free, to buy or build a first home. A couple can each use their own limit. The current limit is published at canada.ca.
Do I have to repay the Home Buyers' Plan?
Yes. It is repaid to the RRSP over a set number of years, starting the second year after withdrawal. A missed annual repayment is added to your taxable income.
Who qualifies for the HBP?
First-time buyers who are Canadian residents. The funds must generally have been in the RRSP for a minimum period.
Can I use the HBP and the FHSA together?
Yes. Both can be used for the same first-home purchase, which increases the total amount available.
Related pages
This page is for general educational purposes only and does not constitute personalized financial, tax, legal or accounting advice. Figures, limits and coverage ranges are illustrative and change over time - verify current terms before acting. Insurance and registered-account eligibility is subject to underwriting and government rules. Compensation is disclosed in writing before any application is signed. Neelesh Kumar is a Licensed Life & Health Insurance Agent regulated by FSRA - verify at fsrao.ca. © 2026 Wealthready · FinanceWithNeelesh · Kitchener, Ontario.