Home Buyers' Plan (HBP)

HousingFederal Program2024

About This Program

The Home Buyers' Plan allows you to withdraw up to $60,000 from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or a specified disabled person. The withdrawal is not included in your income for tax purposes, but you must repay the amount to your RRSP within 15 years, starting the second year after the year of the withdrawal. The minimum annual repayment is 1/15 of the total amount withdrawn. If you do not repay the required amount in a given year, the shortfall is added to your income for that year.

Am I Eligible?

To qualify for this program, you generally need to meet all of the following requirements:

  • You must be a first-time homebuyer
  • Your citizenship status must be one of: Canadian citizen, permanent resident
These are simplified eligibility criteria. Additional conditions may apply. Always verify with the official program website.

How Much Could You Receive?

Tax-free RRSP withdrawal for home purchase

Increased from $35,000 to $60,000 effective April 16, 2024. Both spouses/partners can each withdraw up to $60,000 from their own RRSPs.

Repayment terms

Repayment starts the second year after withdrawal. Annual minimum repayment is 1/15 of the total withdrawn. Shortfalls are added to taxable income.

Exception for persons with disabilities

You can use the HBP to buy or build a home for a specified disabled person related to you, even if you are not a first-time homebuyer.

Note: These amounts are estimates based on publicly available program rules. Your actual benefit amount may differ based on your individual circumstances. Always confirm with the relevant government agency.

How to Apply

Applications for this program are handled directly by the Government of Canada. Visit the official program page for application forms, required documents, and processing times.

Visit Official Program Page
Rules last verified: March 2026. Amounts reflect 2024 tax year.

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Related Housing Programs

First Home Savings Account (FHSA)

The First Home Savings Account is a registered plan that allows prospective first-time home buyers to save for their first home tax-free. Contributions are tax-deductible (like an RRSP) and withdrawals to purchase a qualifying first home are non-taxable (like a TFSA). You can contribute up to $8,000 per year with a lifetime contribution limit of $40,000. Unused contribution room can be carried forward to the next year, up to a maximum of $8,000. The account must be closed within 15 years of opening or by December 31 of the year you turn 71.

Up to $8,000/year