# Home Buyers' Plan repayment calculator

> Model an RRSP Home Buyers' Plan withdrawal of up to $60,000 and its 15-year repayment schedule, including the deferred start for recent withdrawals.

Canonical: https://looniee.ca/calculators/hbp
Last updated: 2026-10-15

The calculator runs in the browser at https://looniee.ca/calculators/hbp. Below is the guide printed under it.

You can withdraw up to $60,000 from your RRSPs under the Home Buyers' Plan and repay it over 15 years, at least 1/15 of the balance a year. Repayments normally start in the second year after the withdrawal; for withdrawals made from 2022 to 2025 they start in the 5th year. Any shortfall is added to your income for that 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](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html)

## When repayments start, and what a short year costs

The start year depends on when you withdrew. Two people, two withdrawals:

| Withdrawn | In | First repayment year | Last repayment year | Minimum a year |
| --- | --- | --- | --- | --- |
| $60,000 | 2025 | 2030 | 2044 | $4,000 |
| $40,000 | 2026 | 2028 | 2042 | $2,667 |

Say the minimum is $4,000 and you repay only $1,000, designated on Schedule 7. The other $3,000 is added to your income for that year and taxed at your marginal rate. It also comes off your HBP balance, so next year's minimum is still $4,000: missing a year costs tax, not a bigger bill later.

Repayments count toward a year if you make them during that year or in the first 60 days of the next one, the same window as RRSP contributions. You can always repay more than the minimum, and that lowers every later year's minimum.

## 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 shortfall (the minimum minus what you repaid and designated) is added to your income for that year and taxed at your marginal rate. It still comes off your HBP balance, so next year's minimum stays the same. Repayments made in the first 60 days of the next year count toward the year before.

### 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

- [RRSP contribution limit calculator](https://looniee.ca/calculators/rrsp): Estimate your RRSP deduction limit from earned income, carry-forward room and pension adjustments, and see the refund a contribution earns at your marginal rate.
- [FHSA contribution room calculator](https://looniee.ca/calculators/fhsa): Track your First Home Savings Account participation room, including the one-year carry-forward, against the $40,000 lifetime limit.
- [Paying back the Home Buyers' Plan](https://looniee.ca/guides/home-buyers-plan-repayment): Each year's repayment deadline, how the minimum is set, and what a missed or extra repayment does to your tax and balance.
- [FHSA vs RRSP for a first home](https://looniee.ca/guides/fhsa-vs-rrsp): Which to fill first, when the RRSP should come first, and how to use the FHSA and the Home Buyers' Plan for the same home.
- [FHSA trackers for first-time home buyers](https://looniee.ca/best/fhsa-tracker-for-first-time-home-buyers): Five ways to keep FHSA room right across the carry-forward cap and the HBP, CRA My Account included.