Home Buyers' Plan
Also known as: HBP · RRSP HBP · Home Buyers Plan
A federal program allowing first-time home buyers to withdraw up to $60,000 tax-free from RRSPs to purchase a home, repaid over 15 years.
The Home Buyers' Plan (HBP) allows a first-time home buyer to withdraw up to $60,000 tax-free from their RRSP(s) to purchase or build a qualifying home. The withdrawal limit was raised from $35,000 to $60,000 effective April 16, 2024. A spouse or common-law partner can also withdraw up to $60,000 from their own RRSP for the same purchase, doubling the household limit.
Repayment is over 15 years in equal annual installments, beginning in the second year after withdrawal. For a first withdrawal made between January 1, 2022 and December 31, 2025, the federal government extended that grace period from 2 years to 5, and it extended the same relief again to first withdrawals between January 1, 2026 and December 31, 2028. A withdrawal made in 2026 therefore has a first repayment year of 2031. The HBP can be combined with the First Home Savings Account (FHSA) for the same purchase.
Related terms
- First Home Savings Account — A federal savings account for first-time home buyers, with $8,000 of contribution room a year and a $40,000 lifetime maximum.
- First Time Home Buyers' PTT Exemption — A BC Property Transfer Tax exemption for qualifying first-time home buyers — available for homes up to $835,000 fair market value: full exemption (no PTT) to $500,000, $8,000 off from $500,000 to $835,000, linear phase-out $835,000–$860,000.
- Newly Built Home PTT Exemption — A BC Property Transfer Tax exemption for a newly built home worth $1,100,000 or less, phasing out in a straight line to $1,150,000.
- CMHC Default Insurance Cap — The maximum home purchase price eligible for CMHC default mortgage insurance — raised from $1,000,000 to $1,500,000 effective December 15, 2024.
See also
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@misc{bronsonjob-cra_hbp_withdrawal_limit,
author = {Job, Bronson},
title = {{Home Buyers' Plan RRSP withdrawal limit}},
howpublished = {BC Real Estate Codex},
year = {2026},
url = {https://www.bronsonjob.com/codex#cra.hbp.withdrawal_limit},
urldate = {2026-09-05},
note = {Fact ID: cra.hbp.withdrawal_limit, version 3.}
}Job, B. (2026). Home Buyers' Plan RRSP withdrawal limit. *BC Real Estate Codex*. Retrieved 2026-09-05, from https://www.bronsonjob.com/codex#cra.hbp.withdrawal_limit
Home Buyers' Plan RRSP withdrawal limit — Bronson Job PREC, BC Real Estate Codex (2026-09-05). https://www.bronsonjob.com/codex#cra.hbp.withdrawal_limit
Fact id: cra.hbp.withdrawal_limit · v3 · machine-readable: /api/v1/facts/by-id/cra.hbp.withdrawal_limit.json
Verified sources (1)· re-verified 2026-09-05Click to expand
Every claim on this page is sourced to a primary government, regulator, or industry-association URL. We re-verify quarterly; the verification dates below show when each source was last confirmed against the live government page.
- CRAretrieved 2026-09-05Home Buyers' Plan (HBP)https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html
cra.hbp.withdrawal_limit · v3View in Codex →License: This definition is licensed under CC BY 4.0. Cite as: "Home Buyers' Plan", BC Real Estate Glossary by Bronson Job, https://www.bronsonjob.com/glossary/hbp.
