Repayments to the Home Buyers' Plan (HBP Repayment)

With the Home Buyer’s Plan (HBP), you can withdraw money from your registered retirement savings plan (RRSP) to pay for your new home, as long as:

  • You’re buying or building a qualifying home (A qualifying home is a housing unit located in Canada and can be an existing home or one that is being constructed. Single family, semi-detached, townhomes, apartments, condominium units, and mobile homes all qualify.)
  • You’re considered a first-time home buyer and this is where you’ll live most of the time and
  • You meet the RRSP withdrawal conditions

For withdrawals made after March 19, 2019, the maximum withdrawal amount has been increased from $25,000 to $35,000. Keep in mind, the amount you withdraw must be repaid back into your RRSP.

Note: If spouses and/or common-law partners are planning to purchase their first home together, each person can withdraw up to $35,000 for a total of $70,000 from their own RRSPs. Repayments must then be made to each person's RRSP, respectively.

You’ll need to start your repayments the second year after the year you withdrew the money from your RRSP. This means if you used the HBP to help you buy or build a home in 2023, you won’t need to start paying back what you borrowed until 2025. You have up to 15 years to repay what you owe, and you’ll need to pay back at least 1/15 of the total amount you’ve withdrawn per year. If you don’t, you’ll need to include the rest in your annual income.