canada • CAD

Home Buyers' Plan (HBP) Calculator 2026

Calculate maximum RRSP withdrawal under Canada's Home Buyers' Plan. First-time buyers can withdraw up to $60,000 tax-free to purchase a primary residence ($120,000 per couple).

Last revised 3 September 2026

By Team GlobalCalqulate · About our editorial standards

Home Purchase Details

Home Purchase Price

Available Down Payment

RRSP & HBP Details

Your RRSP Balance

Spouse RRSP Balance

Ownership Type

Income & Repayment

Repayment Period

How this estimate was calculated

With your HBP withdrawal, your down payment is $110,000.00 (22.0% of the purchase price).
You are at or above 20% down, so CMHC mortgage default insurance is not required.

Financial Disclaimer: This result is an educational estimate produced by applying published rates and thresholds to the figures you entered. It is not a tax determination: your actual liability depends on circumstances this calculator does not collect. Confirm your position with the relevant tax authority or a qualified accountant before acting on it. Full disclaimer.

Sources & methodology

Formula:: Eligible withdrawal
Reference:: Canada Revenue Agency
Rates for:: 2026
Figures verified:: September 2026 — checked against the primary source above
Content last updated:: September 2026
Scheduled re-verification:: February 2027

Calculation type: Rule-based calculation. Uses 2026 rates and thresholds. Figures are taken from Canada Revenue Agency and Canada Mortgage and Housing Corporation and Office of the Superintendent of Financial Institutions — see sources below.

Reviewed by Team GlobalCalqulate — Verifies each figure against the issuing authority's published source · Checked 24 September 2026

Your entries stay on this device. This calculator runs entirely in your browser — the figures you type are not sent to us or to anyone else. The page itself uses cookies for analytics and advertising, described in the privacy policy.

Formula & methodology

Formula used

Eligible withdrawal

withdrawal = min(RRSP balance, $60,000) per eligible first-time buyer

Each first-time buyer can withdraw the lesser of their own RRSP balance or the $60,000 per-person HBP limit (raised from $35,000 by Budget 2024, effective for withdrawals made after April 16, 2024). A couple who are both first-time buyers can combine withdrawals up to $120,000 total, each from their own RRSP.

Minimum annual repayment

annual repayment = eligible withdrawal ÷ repayment years (default 15)

Withdrawn funds must be repaid to your RRSP over a maximum 15-year period. Any year's minimum repayment that isn't made is added to your taxable income for that year instead.

Variable definitions

Symbol	Meaning	Unit
HBP limit	Home Buyers' Plan withdrawal limit. maximum tax-free RRSP withdrawal per eligible first-time buyer	CAD

Step-by-step calculation

1. Eligibility check
Withdrawal is only allowed if the first-time buyer checkbox is set; otherwise the eligible amount is $0.
2. Per-person cap
Each buyer's withdrawal is capped at the lesser of their RRSP balance or $60,000.
3. Combine for couples
If both partners are first-time buyers, their individual withdrawals (each capped at $60,000) are added together.
4. Repayment schedule
Total eligible withdrawal divided evenly across the repayment period to estimate the minimum annual and monthly repayment.

Limitations

The $60,000 per-person limit is not yet sourced from the project's central dataset registry — it is a single hardcoded figure in the engine pending a dedicated CRA-backed dataset entry.
Assumes both partners in a couple are first-time buyers; CRA eligibility rules (not having owned a principal residence in the past 4 years, using the funds within a set period after withdrawal) are not separately validated.
Does not model the FHSA (First Home Savings Account), which can be combined with the HBP for additional tax-advantaged down payment savings.

This page is educational. It projects a future value from assumptions you choose, and a projection is not a forecast: real returns vary year to year, and the rules, limits and rates used here can change before the period modelled ends. Treat the output as one scenario among many, not a prediction of what you will have.

Sources & references

Home Buyers' Plan (HBP) — Canada Revenue Agency
Mortgage Loan Insurance Cost — Canada Mortgage and Housing Corporation
Minimum qualifying rate for uninsured mortgages — Office of the Superintendent of Financial Institutions

Help & FAQs

Frequently Asked Questions

Clear answers to common questions to help you use this calculator confidently.

What is the Home Buyers' Plan?

Tap to view the answer

The Home Buyers' Plan (HBP) lets eligible first-time home buyers withdraw funds from their RRSP tax-free to buy or build a qualifying home, as long as the withdrawn amount is repaid to the RRSP over time.

What's the maximum withdrawal?

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Up to $60,000 per eligible first-time buyer, or $120,000 per couple if both partners are first-time buyers and each withdraws from their own RRSP. This is the limit that has applied to withdrawals made after April 16, 2024 (Budget 2024 raised it from the previous $35,000 limit).

How do I repay an HBP withdrawal?

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You repay the withdrawn amount to your RRSP over a maximum of 15 years, starting the second year after the withdrawal. The minimum annual repayment is roughly your total withdrawal divided by 15 — for the maximum $60,000 withdrawal, that's about $4,000 per year.

What happens if I miss a repayment?

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Any portion of that year's minimum repayment you don't make is added to your taxable income for that year and taxed as regular income, rather than being treated as a missed RRSP contribution.

Are there eligibility requirements?

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You generally must be a first-time home buyer — meaning you (or your spouse/common-law partner) haven't owned and lived in a home as your principal residence in the four calendar years before the withdrawal — and you must use the funds to buy or build a qualifying home, typically within a set period after withdrawing.

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How to Use This Calculator

Enter RRSP balances

Provide your RRSP balance and your spouse's RRSP balance if purchasing jointly.

Choose ownership type

Select whether the home will be purchased individually or jointly.

Review withdrawal eligibility

The calculator estimates how much you can withdraw under the Home Buyers' Plan.

Plan repayments

Review the minimum annual repayments required to avoid taxable income inclusion.

Understanding Your Results

Eligible HBP Withdrawal
The amount that can be withdrawn from RRSPs under Home Buyers' Plan rules.
Annual Repayment
Minimum repayment required each year to restore withdrawn RRSP funds.
Mortgage Reduction
The estimated reduction in mortgage borrowing resulting from the HBP withdrawal.
Down Payment Boost
Additional funds available toward the home purchase from RRSP withdrawals.

Key Tips

✓
Missing an HBP repayment causes the unpaid amount to be added to taxable income.
✓
Couples can significantly increase their down payment by using both RRSPs.
✓
HBP withdrawals are tax-free when eligibility requirements are met.
✓
Combining HBP with the First Home Savings Account (FHSA) can improve affordability.

Understanding the Home Buyers' Plan

Borrowing from your own retirement savings

The Home Buyers' Plan lets you withdraw up to $60,000 from your RRSP, tax-free, to buy or build a first home. A couple with separate RRSPs can each withdraw $60,000, giving $120,000 toward a purchase.

It is a loan from yourself, not a grant. Normally an RRSP withdrawal is fully taxable and the contribution room is lost forever; the HBP suspends both consequences provided you repay on schedule. The funds must have been in the RRSP for at least 90 days before you withdraw them, so a last-minute contribution intended purely to route money through an RRSP for the deduction will not qualify if the timing is too tight.

Who counts as a first-time buyer

You qualify if you have not owned a home that you occupied as your principal residence during the current calendar year or the four preceding calendar years. That four-year window means someone who owned previously can requalify.

The rule also looks at your spouse or common-law partner: if you lived in a home they owned during the qualifying period, you may be disqualified even if you never owned it yourself. There is an exception for people who have a disability or are helping a related person with a disability buy a more accessible home — the first-time requirement is waived entirely in that case. You must intend to occupy the home as your principal residence within one year of buying it.

Repayment, and the cost of missing an instalment

You must repay the withdrawal over 15 years in equal annual instalments. On a $60,000 withdrawal that is $4,000 a year. Repayments are made by contributing to your RRSP and designating the contribution as an HBP repayment on your return.

If you designate less than required, the shortfall is added to your taxable income for that year and you do not get the room back. Someone at a 40% marginal rate missing a $4,000 instalment pays about $1,600 in extra tax and permanently loses $4,000 of retirement savings capacity. There is a grace period before repayments begin, and the CRA states your required amount each year on your notice of assessment.

The FHSA usually comes first

Since 2023 the First Home Savings Account has changed the calculus. The FHSA gives a tax deduction on the way in, like an RRSP, and tax-free withdrawals for a first home, like a TFSA — with no repayment obligation at all.

The limits are $8,000 a year to a $40,000 lifetime maximum, and room only starts accumulating once you open an account, so opening one early matters even if you cannot contribute yet. For most buyers the efficient order is to fill the FHSA first and use the HBP for anything beyond it. The two can be combined on the same purchase. If you never buy, an FHSA balance transfers to an RRSP without using RRSP room.

What withdrawing actually costs you

The money you take out stops compounding, and that opportunity cost is the real price of the HBP. $60,000 withdrawn at 35 and repaid evenly over 15 years grows to considerably less by 65 than it would have if left invested throughout.

That does not make the HBP a bad decision — a larger down payment can remove mortgage insurance, lower your interest cost, and get you into the market sooner. But it should be a considered trade rather than an automatic one. Repaying faster than the minimum reduces the gap, and nothing prevents you from paying more than $4,000 in a year. Contributions above the required instalment can be designated as repayment or claimed as a fresh deduction, but not both.

How it fits with the down payment rules

HBP money is simply part of your down payment, and the usual rules still apply. The minimum down payment is 5% on the first $500,000 of the price and 10% above that, so a $500,000 home needs $25,000 minimum.

Pushing the down payment to 20% removes the requirement for mortgage default insurance, and this is often where the HBP earns its keep. On a $500,000 home, reaching $100,000 down avoids a premium of roughly $12,000 that would otherwise be added to the mortgage and carry interest for 25 years. Crossing that 20% threshold is usually the single highest-value use of an HBP withdrawal.

Formula & methodology

Formula used

Eligible withdrawal

withdrawal = min(RRSP balance, $60,000) per eligible first-time buyer

Minimum annual repayment

annual repayment = eligible withdrawal ÷ repayment years (default 15)

Withdrawn funds must be repaid to your RRSP over a maximum 15-year period. Any year's minimum repayment that isn't made is added to your taxable income for that year instead.

Variable definitions

Symbol	Meaning	Unit
HBP limit	Home Buyers' Plan withdrawal limit. maximum tax-free RRSP withdrawal per eligible first-time buyer	CAD

Step-by-step calculation

1. Eligibility check
Withdrawal is only allowed if the first-time buyer checkbox is set; otherwise the eligible amount is $0.
2. Per-person cap
Each buyer's withdrawal is capped at the lesser of their RRSP balance or $60,000.
3. Combine for couples
If both partners are first-time buyers, their individual withdrawals (each capped at $60,000) are added together.
4. Repayment schedule
Total eligible withdrawal divided evenly across the repayment period to estimate the minimum annual and monthly repayment.

Limitations

The $60,000 per-person limit is not yet sourced from the project's central dataset registry — it is a single hardcoded figure in the engine pending a dedicated CRA-backed dataset entry.
Assumes both partners in a couple are first-time buyers; CRA eligibility rules (not having owned a principal residence in the past 4 years, using the funds within a set period after withdrawal) are not separately validated.
Does not model the FHSA (First Home Savings Account), which can be combined with the HBP for additional tax-advantaged down payment savings.

Calculator inputs

Home Purchase Details

RRSP & HBP Details

Income & Repayment

Your results

Sources & methodology

Formula & methodology

Formula used

Eligible withdrawal

Minimum annual repayment

Variable definitions

Step-by-step calculation

Limitations

Sources & references

What is the Home Buyers' Plan?

What's the maximum withdrawal?

How do I repay an HBP withdrawal?

What happens if I miss a repayment?

Are there eligibility requirements?

Related calculators

More Canada calculators

Calculator inputs

Home Purchase Details

RRSP & HBP Details

Income & Repayment

Your results

Sources & methodology

How to Use This Calculator

Example Home Buyers' Plan Calculation

Understanding Your Results

Key Tips

Understanding the Home Buyers' Plan

Borrowing from your own retirement savings

Who counts as a first-time buyer

Repayment, and the cost of missing an instalment

The FHSA usually comes first

What withdrawing actually costs you

How it fits with the down payment rules

Formula & methodology

Formula used

Eligible withdrawal

Minimum annual repayment

Variable definitions

Step-by-step calculation

Limitations

Sources & references

How to Use This Calculator

Example Home Buyers' Plan Calculation

Understanding Your Results

Key Tips

Understanding the Home Buyers' Plan

Borrowing from your own retirement savings

Who counts as a first-time buyer

Repayment, and the cost of missing an instalment

The FHSA usually comes first

What withdrawing actually costs you

How it fits with the down payment rules