HBP rules
- Withdraw up to $60,000 from your RRSP tax-free to buy or build a qualifying home (since April 16, 2024).
- You must be a first-time buyer (no home you lived in owned in the last four years).
- Repay over 15 years. For first withdrawals in 2022–2025 repayment starts in the fifth year after; from 2026 it starts in the second year after.
- Contributions must be in the RRSP at least 90 days before the withdrawal.
FAQ
When do I start repaying a 2026 HBP withdrawal?
In 2028, at 1/15 of the amount a year – $4,000 a year on $60,000.
Sources (checked Nov 6, 2026): CRA, Home Buyers’ Plan (Guide RC4135); Budget 2024.