Canada Home Buyers' Plan: withdrawal limit and repayments
The Home Buyers' Plan permits qualifying RRSP withdrawals with a repayment period, including temporary relief that delays the first repayment year.
On this page
- Withdrawal limit
- $60,000 under the Home Buyers' Plan.CRA, Home Buyers' Plan
- Repayment period
- Up to 15 years.CRA, HBP repayments
- First withdrawal in 2026
- The first repayment year is 2031 under the extended temporary relief.CRA, temporary repayment relief
A qualifying home and a withdrawal limit
The Home Buyers' Plan allows withdrawals from RRSPs to buy or build a qualifying home for the participant or a specified disabled person. CRA states that the current withdrawal limit is $60,000. CRA, Home Buyers' Plan (opens in a new tab).
When repayments begin
CRA's overview states that temporary repayment relief has been extended to first withdrawals between January 1, 2026 and December 31, 2028. The 15-year repayment period starts in the fifth year after the first withdrawal, rather than the second year under the previous rules. Its published example is a first withdrawal in 2026 with repayments beginning in 2031. CRA, extended temporary repayment relief (opens in a new tab).
For first withdrawals between January 1, 2022 and December 31, 2025, CRA's repayment page also describes a start in the fifth year following the first withdrawal. A first withdrawal before January 1, 2022 had a repayment start in the second year following withdrawal. CRA, HBP repayment start (opens in a new tab).
The annual minimum and shortfalls
The annual minimum repayment is the remaining HBP balance divided by the number of years remaining in the repayment period. CRA's statement of account records the balance and the repayment required for the following year. Additional repayments reduce later minimums. CRA, annual HBP repayments (opens in a new tab).
An amount designated as an HBP repayment cannot be claimed as a deduction. If the designated repayment is less than the required annual minimum, the difference is included as RRSP income for that year. CRA, HBP repayment shortfalls (opens in a new tab).
Scope of this explanation
This is general information about Canada, not personal tax or financial advice. It does not establish first-time buyer eligibility or cover cancellation and other special repayment situations. No individual repayment calculation is provided.