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Guide - Buying a home in BC and Canada

The RRSP Home Buyers' Plan: the $60,000 limit and how repayment works

Withdraw up to $60,000 from your RRSP for a first home, repay over 15 years, and the later start to repayments for first withdrawals made from 2022 to 2028.

Last checked November 8, 2026. Every rule below names its source; the official pages are listed at the end with their own dates.

In short

  • The withdrawal limit is $60,000 per person (it was $35,000 before Budget 2024).
  • You repay over 15 years, normally starting in the second year after the withdrawal.
  • For a first withdrawal from 2022 to 2028, repayments start in the fifth year instead (a first withdrawal in 2026 means a first repayment year of 2031).

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How much you can take out

The Canada Revenue Agency says the Home Buyers' Plan (HBP) withdrawal limit is $60,000. Budget 2024 raised it from $35,000. The limit is per person, so two buyers who each qualify can each withdraw from their own RRSPs.

Paying it back

You have a 15-year repayment period, which normally starts in the second year after the year of the withdrawal. The yearly amount is at least one fifteenth of the total: on $60,000, that is $4,000 a year. An amount due for a year that you do not repay is added to your income for that year.

First withdrawal inRepayments start
Before 2022The second year after the withdrawal
2022 to 2025The fifth year after the withdrawal
2026 to 2028The fifth year after the withdrawal (2026 withdrawal: 2031)
From 2029The second year after the withdrawal, unless the rules change again

The extension to first withdrawals in 2026 to 2028 came with the Spring Economic Update 2026, which became law on June 19, 2026.

With the FHSA

You can use the HBP and a First Home Savings Account for the same home. The FHSA does not have to be paid back.

Questions

What is the Home Buyers' Plan limit in 2026?

$60,000 per person (CRA).

When do I start repaying the HBP?

Normally in the second year after the withdrawal; for a first withdrawal between 2022 and 2028, in the fifth year.

What if I miss an HBP repayment?

The amount due for that year is added to your income for the year.

How long do I have to repay?

15 years, paying at least one fifteenth of the total each year.

Related guides

FHSA explained: $8,000 a year, $40,000 lifetime, the rulesFirst-time home buyer programs in BC (2026): PTT, HBP, FHSAMinimum down payment in Canada and CMHC insurance premiumsAll guides

Sources

  1. Canada Revenue Agency: What is the Home Buyers' Plan (page modified February 17, 2026)
  2. Department of Finance Canada: Spring Economic Update 2026 measures become law (June 2026)
  3. Canada Revenue Agency: Withdrawals and transfers out of your FHSAs (page modified February 10, 2026)

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Last checked November 8, 2026. General information only - not financial, legal, tax or real estate advice. Rules change: confirm with the official source or a licensed professional before you act.