Home Buyers' Plan
The Home Buyers' Plan lets eligible buyers borrow from their own RRSP to buy a first home, without the withdrawal being taxed as income.
The word doing the work in that sentence is *borrow* — it has to go back.
Up to $60,000 per person.
Two eligible buyers purchasing together can each withdraw up to that amount from their own RRSPs — up to $120,000 combined.
Figures verified August 2026. Federal program rules can change; confirm the current limit before relying on it.
The withdrawal is repaid to your RRSP over 15 years, beginning in the second year after the year of withdrawal.
Each year you repay at least a fifteenth of the amount withdrawn. If you repay less than the required amount in a year, the shortfall is generally included in your income for that year and taxed accordingly.
It is worth planning for that repayment as an ongoing obligation alongside your mortgage, rather than a surprise that arrives two years after you move in.
Contributions generally need to remain in the RRSP for a period before they can be withdrawn under the plan — commonly 90 days.
The practical consequence: an RRSP contribution made a fortnight before you need the money may not be available to withdraw. If the Home Buyers' Plan is part of your down payment strategy, the contribution timing needs to be planned months ahead, not weeks.
The Home Buyers' Plan and the FHSA can generally both be used toward the same qualifying purchase.
The practical difference is repayment: HBP funds must go back into the RRSP over 15 years, while a qualifying FHSA withdrawal does not have to be repaid at all. Where a buyer has room in both, that difference is usually the deciding factor in which to draw down first.
Eligibility and program conditions apply to both. These are tax questions — speak with a qualified tax professional about your own circumstances.
Al can help you map out where the money is coming from and when it needs to be available.
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