Home Buyers' Plan (HBP) Calculator
Estimate your RRSP Home Buyers' Plan withdrawal, the 1/15 annual repayment, and the tax cost of missing a repayment
Your Withdrawal
Maximum $60,000 per person for withdrawals after April 16, 2024.
Used to estimate the tax cost if you miss a yearly repayment (the shortfall is added to your income).
Rules verified June 2026 (taxtips.ca; CRA). The withdrawal must come from contributions that were in your RRSP at least 90 days.
Results
Tax-Free Withdrawal
Maximum $60,000 per person
Annual Repayment
Minimum each year = total ÷ 15
Tax if You Miss a Year
Your $4,000 minimum added to income at 30%
Repayments normally begin the second year after you withdraw. For withdrawals from 2022–2025 (and first withdrawals in 2026–2028), a temporary relief defers the start so repayments begin in the fifth year — three extra years of grace before the 15-year clock starts.
Each year you repay at least 1/15 of the amount back into your RRSP. Any shortfall is added to that year's income (line 12900) and that money also permanently leaves your RRSP.
Estimate based on HBP rules verified June 2026 (taxtips.ca; CRA): $60,000 per-person limit for withdrawals after April 16, 2024, 15-year repayment, and the temporary repayment grace period. Your eligibility, withdrawal timing, and exact repayment schedule depend on your CRA HBP balance — confirm with the CRA or a tax professional.
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Frequently asked questions
How much can I withdraw under the Home Buyers' Plan?
For withdrawals made after April 16, 2024 the limit is $60,000 per person, raised from $35,000 in the 2024 Federal Budget. Because the limit is per person, a couple who both qualify can withdraw up to $120,000 combined — each from their own RRSP. Funds must have been in the RRSP for at least 90 days.
How does HBP repayment work?
You repay the withdrawal into your RRSP over a maximum of 15 years, with a minimum of 1/15 of the amount each year. On a full $60,000 withdrawal that is $4,000 per year. Repayments normally begin the second year after withdrawal, and each repayment is designated on Schedule 7 — it does not create a new deduction.
Is there a grace period before repayments start?
Yes. For withdrawals made from January 1, 2022 to December 31, 2025, repayments are deferred so they begin in the fifth year after withdrawal instead of the second — three extra years of grace. The 2026 economic statement extends the same relief to first HBP withdrawals made from 2026 through 2028.
What happens if I miss an HBP repayment?
If you repay less than the year's minimum, the shortfall is added to your taxable income for that year (line 12900) and taxed at your marginal rate — about $1,200 of tax on a missed $4,000 repayment at 30%. The money also leaves your RRSP permanently, so you lose the contribution room and future tax-sheltered growth.
Can I use the HBP and the FHSA together?
Yes. The First Home Savings Account (FHSA) provides tax-free withdrawals that never have to be repaid, while the HBP taps your existing RRSP and must be repaid over 15 years. You can combine both on the same home purchase.