🏠 First home

Home Buyers' Plan 2026: withdraw up to $60,000 from your RRSP

Published June 25, 2026 · 8 min read · By the WealthWise team · Updated June 25, 2026

⚠️ For information only. General facts and concepts; WealthWise is not a registered investment advisor and gives no personalized advice. Verify with the sources and consult a licensed professional before acting.

In short — The Home Buyers' Plan (HBP) lets you withdraw up to $60,000 from your RRSP ($120,000 for a couple) tax-free for a first home. The money must be in the RRSP for 90 days before withdrawal, and you repay it over 15 years starting in year 2.

The HBP is one of the few ways to pull money out of an RRSP without paying tax. As of 2024, the limit rose from $35,000 to $60,000 per person. Here's how it works, the traps, and how to stack it with the FHSA.

🧮Free calculator : combine the HBP, FHSA and TFSA for your down paymentTry it →

1. The idea

You withdraw money from your RRSP to buy or build a first qualifying home without that withdrawal being taxed — as long as you repay it into your RRSP later. It's essentially an interest-free loan to yourself.

Rule	Detail
Withdrawal limit	$60,000 per person ($120,000 for an eligible couple)
90-day rule	Contributions must sit in the RRSP at least 90 days before withdrawal, or they aren't deductible
First-time buyer test	You can't have lived in a home owned by you or your partner in the previous 4 years
Repayment	Starts the 2nd year after withdrawal, about 1/15 of the amount per year, over 15 years

2. The key numbers (2026)

Limit: $60,000 per person ($120,000 for an eligible couple).
90-day rule: contributions must sit in the RRSP at least 90 days before withdrawal, or they aren't deductible.
First-time buyer: you can't have lived in a home owned by you or your partner in the previous 4 years.

3. The 15-year repayment

You start repaying in the 2nd year after the withdrawal, roughly 1/15 per year. If you miss a year's repayment, that amount is added to your taxable income. The CRA sends you a statement each year.

Home Buyers' Plan (HBP)

A repayable RRSP withdrawal
Must be repaid into your RRSP over 15 years
Withdrawal itself is tax-free, but a missed repayment is added to taxable income

First Home Savings Account (FHSA)

Up to $40,000, doesn't have to be repaid
Gives a deduction on contribution
Often the priority account to use first

4. HBP vs FHSA: why not both?

Since 2023 you can combine the HBP and the FHSA for the same purchase. The FHSA (up to $40,000) doesn't have to be repaid and gives a deduction on contribution — often the priority. Stacking both can build a large down payment. See our TFSA vs FHSA comparison.

5. Traps to avoid

Contributing then withdrawing too fast (the 90-day rule kills the deduction).
Forgetting an annual repayment → tax on that amount.
Draining a growth-heavy RRSP right before a market rebound.

Frequently asked questions

How much can I withdraw under the HBP in 2026?

Up to $60,000 per person (the limit rose from $35,000 to $60,000 in 2024). An eligible couple can withdraw up to $120,000.

Do I have to repay the HBP?

Yes. You repay it into your RRSP over 15 years, starting the 2nd year after the withdrawal, about 1/15 of the amount per year. A missed repayment is added to your taxable income.

Can I combine the HBP and the FHSA?

Yes, since 2023, for the same purchase. The FHSA doesn't have to be repaid and gives a deduction; the HBP is a repayable RRSP withdrawal. Together they grow your down payment.

What is the 90-day rule?

Contributions must be in your RRSP at least 90 days before the HBP withdrawal, or they aren't deductible. Don't contribute last-minute just to do an HBP.

Sources & references

Educational content; verify figures with official sources before acting.