The Home Buyers Plan (HBP) is a program that allows you to withdraw funds from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $25,000 in a calendar year.
Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You will have to repay an amount to your RRSPs each year until your HBP balance is zero. If you do not repay the amount due for a year, it will have to be included in your income for that year.
Topics
- Conditions for HBP eligibility and RRSP withdrawals
What are the HBP eligibility and RRSP withdrawal conditions - How to make an HBP withdrawal
Follow the steps to withdraw funds from your RRSPs - Cancelling your participation
Situations when you can cancel your participation, how to cancel and due dates - Repaying your withdrawals
When and how much to repay, how to make a repayment and exceptions to repayment dates - Special repayment situations
What if the participant dies, becomes a non-resident, or reaches the age of 71 - Important dates