Home Buyers' Plan (HBP) Calculator
Calculate how much you can withdraw from your RRSP tax-free under the Home Buyers' Plan. See your 15-year repayment schedule, the cost of missed payments, and how HBP pairs with FHSA.
HBP Details
Max $60,000
5-year grace period (temporary 2022-2025 relief)
Withdrawal Summary
15-Year Repayment Schedule
| Year | Min. Repayment | Remaining Balance |
|---|---|---|
| 2030 | $4,000 | $56,000 |
| 2031 | $4,000 | $52,000 |
| 2032 | $4,000 | $48,000 |
| 2033 | $4,000 | $44,000 |
| 2034 | $4,000 | $40,000 |
| 2035 | $4,000 | $36,000 |
| 2036 | $4,000 | $32,000 |
| 2037 | $4,000 | $28,000 |
| 2038 | $4,000 | $24,000 |
| 2039 | $4,000 | $20,000 |
| 2040 | $4,000 | $16,000 |
| 2041 | $4,000 | $12,000 |
| 2042 | $4,000 | $8,000 |
| 2043 | $4,000 | $4,000 |
| 2044 | $4,000 | $0 |
Cost of Missed Repayments
If you don't repay the minimum in a year, the shortfall is added to your taxable income.
| Years Missed | Shortfall / Year | Total Shortfall | Extra Tax / Year | Total Extra Tax |
|---|---|---|---|---|
| 1 | $4,000 | $4,000 | $1,186 | $1,186 |
| 2 | $4,000 | $8,000 | $1,186 | $2,372 |
| 3 | $4,000 | $12,000 | $1,186 | $3,558 |
Opportunity Cost Analysis
If you left $60,000 in your RRSP at 6% annual return for 15 years:
However, these funds help you purchase a home now — the home's appreciation and the benefit of using tax-free RRSP dollars may offset this opportunity cost.
Net Benefit Analysis
The HBP gives you immediate access to tax-sheltered funds without paying tax on withdrawal. The trade-off is the lost tax-deferred growth in your RRSP. If your home appreciates or you avoid paying rent, the net benefit can be substantial.
Maximize Your First Home Savings
Combine FHSA ($40,000 lifetime) with HBP ($60,000 per person) for up to $100,000 per person in tax-advantaged funds for your first home.
FHSA contributions are tax-deductible and withdrawals are tax-free — with no repayment required. HBP withdrawals are tax-free but must be repaid over 15 years.
How it works: The Home Buyers' Plan (HBP) lets first-time home buyers withdraw up to $60,000 from their RRSP tax-free to buy or build a qualifying home. The amount must be repaid to your RRSP over 15 years. For withdrawals made in 2024 or later, repayment begins in the 5th year after withdrawal (previously the 2nd year). If you miss a repayment, the shortfall is added to your taxable income for that year. RRSP contributions must have been in the account for at least 90 days before withdrawal. You must intend to occupy the home as your principal residence within one year.
HBP Basics
The Home Buyers' Plan (HBP) lets first-time home buyers withdraw up to $60,000 from their RRSP tax-free to buy or build a qualifying home. Couples can each withdraw $60,000 from their own RRSPs.
Eligibility: You must be a first-time home buyer (not owned a home in the current year or the 4 preceding calendar years). RRSP contributions must have been deposited at least 90 days before withdrawal. You must have a written agreement to buy or build a qualifying home and intend to occupy it within 1 year.
Repayment: The full amount must be repaid to your RRSP over 15 years. For withdrawals made between 1 January 2022 and 31 December 2025, repayment starts in the 5th year (temporary relief). For withdrawals before 2022 or from 2026 onward, it starts in the standard 2nd year. If you miss a payment, the shortfall is added to your taxable income.
2024 changes: Budget 2024 increased the withdrawal limit from $35,000 to $60,000 per person (effective 16 April 2024), and temporarily extended the repayment grace period to 5 years for withdrawals made between 1 January 2022 and 31 December 2025 — withdrawals from 2026 onward revert to the standard 2-year grace period.
Related tools
Frequently asked questions
How much can I withdraw from my RRSP under the Home Buyers' Plan?
You can withdraw up to $60,000 per person from your RRSP under the HBP. If you're buying with a spouse or partner, each person can withdraw up to $60,000 from their own RRSP, for a combined maximum of $120,000. The limit was increased from $35,000 to $60,000 in 2024.
How long do I have to repay my HBP withdrawal?
You must repay your HBP withdrawal to your RRSP over 15 years. For withdrawals made between 1 January 2022 and 31 December 2025, repayment begins in the 5th year after withdrawal (temporary Budget 2024 relief). For withdrawals before 2022 or from 2026 onward, repayment begins in the 2nd year (the standard rule). The minimum annual repayment is 1/15 of the total withdrawal.
What happens if I miss an HBP repayment?
If you don't repay the minimum annual amount, the shortfall is added to your taxable income for that year. For example, if your annual minimum repayment is $4,000 and you repay $0, then $4,000 is added to your income and taxed at your marginal tax rate.
Can I combine the FHSA and HBP for my first home?
Yes. You can use both the First Home Savings Account (FHSA) and the Home Buyers' Plan together. The FHSA allows up to $40,000 in tax-deductible contributions with tax-free withdrawals and no repayment required. Combined with the HBP's $60,000, that's up to $100,000 per person in tax-advantaged home buying funds.
Sources
Related Calculators
Tax-Advantaged Savings Guide
RRSP vs TFSA vs FHSA vs RESP — contribution room, tax treatment, and which account to fill first
RRSP tax savings
Tax savings from an RRSP contribution at your marginal rate
TFSA growth
Project tax-free TFSA compounding over time
RRIF withdrawal tax
Compare the minimum, withholding and estimated final tax
OAS + GIS combined
Estimate your OAS, GIS and Allowance entitlement