How much do you still owe on your Home Buyers' Plan?
The Home Buyers' Plan lets you pull up to $60,000 CAD from your RRSP tax-free — but you have to pay it back over 15 years, starting two years after the withdrawal.
Your withdrawal
What you've repaid
Nothing is due yet — your first repayment year is 2028, then $2,334 CAD a year.
How the Home Buyers' Plan works
- A first-time home buyer can withdraw up to $60,000 from their RRSPs tax-free to buy or build a qualifying home. Two spouses buying together can each withdraw the maximum.
- Funds must have been in the RRSP for at least 90 days before the withdrawal, and you must have a written agreement to buy or build before you withdraw.
- Repayment is spread over 15 years. It normally starts in the second year after the withdrawal; for withdrawals made between 2022 and 2025 it starts in the 5th year instead (a temporary relief measure from Budget 2024).
- Each year's minimum repayment is the outstanding balance divided by the years left. Repay less and the shortfall is added to your taxable income for that year — it is not a penalty, but it is tax at your full marginal rate.
- Repayments are RRSP contributions you designate as HBP repayments on Schedule 7. They do not use new room and are not deductible.
- You can repay faster than the schedule at any time, and once the balance is zero you are eligible to use the plan again for a future first home if you qualify.
Source rules: CRA: Home Buyers' Plan
HBP questions, answered
How much can I withdraw under the Home Buyers' Plan?
Up to $60,000 per person from your own RRSPs, for withdrawals made after April 16, 2024. The limit was $35,000 before that. A couple can withdraw up to $120,000 combined.
When do HBP repayments start?
In the second calendar year after the withdrawal, so a 2026 withdrawal starts repaying in 2028. Withdrawals from 2022 to 2025 get a temporary three-year deferral and start in the 5th year.
What happens if I miss an HBP repayment?
The amount you should have repaid that year is added to your income on that year's tax return and taxed at your marginal rate. The remaining balance is then divided over the years left, so the next minimum goes up slightly.
Do HBP repayments reduce my RRSP contribution room?
No. A repayment is designated on Schedule 7 of your return and does not use new room, but it also cannot be deducted — the original contribution was already deducted when you made it.
Can I combine the HBP with an FHSA withdrawal?
Yes. Since 2023 you can use both for the same qualifying home: a tax-free FHSA withdrawal plus an HBP withdrawal of up to $60,000, with only the HBP portion needing to be repaid.
Related calculators
Looniee keeps your HBP balance and each year's minimum repayment next to the RRSP it came from. Create a free account or try the live demo.
Informational only — verify your numbers at CRA My Account before contributing.