Withdraw up to $60,000 from your RRSP without immediate tax penalty, repayable over 15 years.
Confirm your RRSP funds meet the 90-day rule
Funds generally need to have been in your RRSP for at least 90 days before you withdraw them under the HBP, or the contribution may not be deductible.
Withdraw up to the limit
Up to $60,000 per person, tax-free at the time of withdrawal — a couple can combine withdrawals for up to $120,000 toward the same home.
File the right form with your withdrawal
Your RRSP issuer will have you complete Form T1036 to make a Home Buyers' Plan withdrawal specifically, rather than a regular RRSP withdrawal.
Track your repayment schedule from year two
Repayments start the second calendar year after your withdrawal, spread over 15 years — roughly 1/15th of the amount owing each year.
Up to $60,000 per person ($120,000 combined for a couple), tax-free at the time of withdrawal.
RRSP funds generally need to have been in place for at least 90 days before an HBP withdrawal.
Repayments start the second year after withdrawal, roughly 1/15th of the balance owing each year.
Any year you don't repay the required minimum, that amount is added to your taxable income for the year.
The HBP and the FHSA aren't mutually exclusive — many first-time buyers use both on the same purchase.
Book a free consultation with Narges to talk through timing, or see the full lineup of first-time buyer programs.
