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Home Buyer’s Plan

Important Information About the HBP

Available only to first time home buyers defined as those who have not owned a home and lived in it as a principal residence in any of the 5 preceding calendar years. Further:

  • Individuals can only participate in the Plan once.
  • Maximum withdrawal amount is $35,000.
  • If your spouse is also eligible you can each withdraw $35,000 for a total of $70,000.
  • The money you take out of your RRSP must have been deposited at least 90 days prior to the withdrawal.

Eligible Homes For This Plan:

  • Any existing or new home located in Canada.
  • Can be detached, semi-detached, townhouse, condominium, mobile home, or co-op.
  • Must be occupied as principal residence within one year after buying or building the home.


  • Allows you to purchase a home with money “borrowed” from your RRSP.
  • There is no withholding tax on the withdrawn amount and no tax liability when you repay the money to your RRSP over a period of not more than 15 years.
  • The repayment begins the second calendar year following the year in which the withdrawal is made.


  • June 2020 withdraw $15,000 from RRSP to purchase a home.
  • No repayment to RRSP in 2021.
  • 2022 repayment is $1,000 ($15,000-15 years).
  • Payment is due by December 31, 2022.
  • If you repay only $700 in 2022 you must report the $300 shortfall as income for 2020.
  • Year 2023 payment will be another $1,000.

*It is always advisable to check the above with your Lender. You may also review the CMHC Home Buyers Guide and other pertinent information found on or ask us to email you a copy.

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