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 HBP withdrawals made between January 1, 2022 and December 31, 2025, the federal government extended the repayment grace period from 2 years to 5 years. The HBP can be combined with the FHSA for the same purchase.
Related terms
- First Home Savings Account — A federal tax-deferred savings vehicle for first-time home buyers — $8,000 annual contribution room, $40,000 lifetime maximum, contributions tax-deductible like RRSP, qualifying withdrawals tax-free like TFSA.
- 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 newly constructed homes with FMV at or under $1,100,000, with linear phase-out 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 = {2026-05-08},
note = {Fact ID: cra.hbp.withdrawal_limit, version 2.}
}Job, B. (2026). Home Buyers' Plan RRSP withdrawal limit. *BC Real Estate Codex*. Retrieved 2026-05-08, from https://www.bronsonjob.com/codex#cra.hbp.withdrawal_limit
Home Buyers' Plan RRSP withdrawal limit — Bronson Job PREC, BC Real Estate Codex (2026-05-08). https://www.bronsonjob.com/codex#cra.hbp.withdrawal_limit
Fact id: cra.hbp.withdrawal_limit · v2 · machine-readable: /api/v1/facts/by-id/cra.hbp.withdrawal_limit.json
Verified sources (1)· re-verified 2026-05-08Click 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 2026-05-08Home 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 · v2View 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.
