RRSP Home Buyers' Plan
RRSP HBP
A federal program letting first-time buyers withdraw up to $60,000 from their RRSP toward a down payment without paying tax — provided the funds are repaid to the RRSP over 15 years.
The Home Buyers' Plan lets each first-time buyer pull up to $60,000 from their RRSP tax-free toward a down payment — $120,000 for a couple who both qualify. The withdrawal isn't taxed as income the way a normal RRSP withdrawal would be.
The funds must have been in the RRSP for at least 90 days before withdrawal, and you repay yourself over 15 years starting the second year after purchase. Miss a year's repayment and that portion is added to your taxable income for the year.
The HBP stacks with the FHSA, which is often the better account to fill first because FHSA withdrawals for a home are never repaid. Many buyers use both — FHSA first, then top up with the HBP — to maximize tax-free down-payment funds.
See also
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