Home Buyers' Plan (HBP)

The Home Buyers' Plan (HBP) is a Canadian government program. It lets eligible individuals1 withdraw up to $35,000 each from their Registered Retirement Savings Plan (RRSP) to buy, build or maintain a qualifying home. You don’t have to pay income tax on the funds as long as you repay the full amount you withdraw from your RRSP over the next 15 years. If the full $35,000 is withdrawn, the minimum annual repayment is just $2,333. Conditions apply.

1 Eligible individuals are:

  • first-time home buyers and their spouse or partner; or
  • those who are living separately and apart from a spouse or common-law partner for at least 90 days and started living separately and apart in the preceding 4 years as a result of a relationship breakdown.