What is 🇨🇦 Home Buyers' Plan (HBP) Calculator?
A 🇨🇦 Home Buyers' Plan (HBP) Calculator computes 🇨🇦 home buyers' plan (hbp) from the inputs you provide. It applies the standard formula to the values you enter and returns the result instantly, without sending any data to a server. Withdraw up to $60,000, repay 1/15 each year starting year 2 or that portion is added to taxable income.
🇨🇦 Home Buyers' Plan (HBP) Calculator
Plan an RRSP withdrawal under the Home Buyers' Plan: $60,000 max per buyer, repaid over 15 years starting in year two. See your annual repayment, schedule, and the tax cost of skipping a payment.
You can withdraw up to $60,000 from your RRSP under the Home Buyers' Plan to buy your first home. Repayment is 1/15 of the withdrawal per year, starting in the second calendar year after withdrawal. Skip a payment and that portion is added to your taxable income for the year at your marginal rate.
Annual minimum repayment
$4,000
Show 15-year repayment schedule
Source: CRA HBP rules. The $60,000 maximum took effect for withdrawals on or after April 16, 2024 (was $35,000 before).
How to use this calculator
- Enter the amount you plan to withdraw from your RRSP under the HBP. Maximum is $60,000 per buyer (so a couple buying together can pull $120,000 total if both have RRSPs).
- Enter the calendar year of the withdrawal.
- Enter your marginal tax rate (federal plus provincial combined). Use 35 percent if you are unsure - it covers most middle-income filers.
- If you have already made repayments, enter the running total. The schedule will skip ahead.
- Read your annual minimum repayment, the start and end years, and the tax cost of missing a payment.
About this tool
The Home Buyers' Plan (HBP) lets first-time home buyers withdraw money from their RRSP, tax-free, to put toward a down payment. The withdrawal is treated as a loan from yourself: you must repay it back into your RRSP over 15 years, starting in the second calendar year after the year of withdrawal. If you skip a year's payment, that 1/15 amount is added to your taxable income for the year and taxed at your marginal rate.
The maximum withdrawal was raised to $60,000 (from $35,000) for withdrawals made on or after April 16, 2024. Both spouses can each withdraw, so a couple may use up to $120,000. The home must be a first home (you cannot have owned a home in the previous four years), and you must intend to occupy it as your principal residence within one year of buying.
The math
When to use this
First-home down payment
Stack the HBP withdrawal on top of your savings to hit a 20% down payment and avoid CMHC mortgage insurance. The break-even on insurance saved is often a few years of foregone RRSP growth.
Couple buying together
Each partner can pull up to $60,000 from their own RRSP. Both repayment schedules run independently - missing one does not pull the other into income.
Topping up before withdrawal
Funds must sit in the RRSP for 90 days before you can withdraw under HBP. Plan a contribution-then-withdrawal cycle several months before closing.
Comparing to FHSA
The First Home Savings Account is a separate program that does not require repayment. Many buyers max FHSA first ($8K/yr to $40K) then use HBP for the remainder.
What the tool does and does NOT handle
Does handle
- Annual minimum 1/15 repayment
- Start and end years of the repayment window
- Tax cost if you skip a single year (added to income)
- Worst-case cost if you never repay
Does NOT handle
- Combined planning with the FHSA - run that calculator separately
- The 90-day rule (funds must sit in RRSP at least 90 days before withdrawal)
- Residency rules - you must be a Canadian resident at withdrawal and home purchase
- Refilling RRSP room - HBP withdrawal does NOT restore RRSP contribution room
Common mistakes
- Withdrawing before the 90-day mark. New contributions must sit in the RRSP for 90 days before they can be withdrawn under HBP. Plan ahead.
- Forgetting the second-year rule. Repayment does not start the year after withdrawal - it starts the SECOND year after. A 2025 withdrawal means first payment is for the 2027 tax year.
- Missing a designated repayment. Each spring on your tax return, you designate part of your RRSP contribution as an HBP repayment. If you forget the designation, that contribution counts as deductible only and the missed HBP amount goes into income.
- Buying a non-qualifying home. Cottages, rental units you do not occupy, and homes outside Canada generally do not qualify. Read CRA's definition of "qualifying home" carefully.
- Withdrawing for the second time too soon. The HBP balance must be zero on January 1 of the year of the second withdrawal, and the four-year first-time buyer test must reset.
Frequently asked questions
What is the maximum HBP withdrawal in 2025?
$60,000 per buyer for withdrawals made on or after April 16, 2024. A couple can pull up to $120,000.
When do I have to start repaying?
The second calendar year after the year of withdrawal. So a 2025 withdrawal means your first repayment is for the 2027 tax year, due by March 1, 2028 (or the first 60 days of 2028).
What if I cannot make a payment one year?
That year's 1/15 amount is added to your taxable income and taxed at your marginal rate. The schedule does not extend - you still finish in 15 years total.
Does HBP withdrawal restore my RRSP room?
No. The withdrawal does not give back contribution room - that's why you have to redeposit it via repayments.
Can I use HBP and FHSA together?
Yes. They are independent programs. You can use both on the same home purchase. Many buyers max FHSA contributions first because there is no repayment.
What if I do not buy a home after withdrawing?
You must buy by October 1 of the year after withdrawal, or repay the entire amount before that date. Otherwise, the full withdrawal is added to that year's income.
Does my spouse have to be a first-time buyer too?
For HBP purposes, "first-time" means neither you nor your spouse owned a home you lived in during the past four calendar years. Each of you must independently qualify to use your own HBP.
Are there CRA forms involved?
Yes. Form T1036 to make the withdrawal, then on each year's tax return Schedule 7 designates how much of your RRSP contribution is an HBP repayment.