Home Buyers' Plan 2026: how much to withdraw and when to repay
Enter the amount you took out of your RRSPs under the HBP and the year of your first withdrawal: the calculator gives the minimum repayment for each year and the repayment period.
Minimum repayment per year
$2,333
From 2031 to 2045: start pushed to the 5th year, relief extended to withdrawals from 2022 to 2028.
| Amount counted | $35,000 |
| Limit per person | $60,000 |
| Repayment period | 15 years |
| If a repayment is missed | added to taxable income |
Prepared by Radif Partners · How we calculate · limits and tax tables read on canada.ca · estimates only, not a notice of assessment
The Home Buyers' Plan (HBP) lets you withdraw up to $60,000 from your RRSPs to buy or build a qualifying home, for yourself or for a specified disabled person. The money is not a tax gift but a loan to yourself: it goes back into an RRSP over 15 years, at least $4,000 a year on a $60,000 withdrawal. Repayment normally starts in the 2nd year after the year of your first withdrawal. Temporary relief pushes that start to the 5th year for a first withdrawal made from 2022 to 2028: the Canada Revenue Agency's own example is a first withdrawal in 2026, with a first repayment year of 2031. A missed repayment is added to your income for the year and taxed at your marginal rate. Any part of a withdrawal above $60,000 is taxed like an ordinary RRSP withdrawal.
What the HBP allows
According to the CRA's Home Buyers’ Plan page, the HBP lets you withdraw from your RRSPs to buy or build a qualifying home for yourself or for a specified disabled person. The limit is $60,000. The detailed conditions, including the ones that define a first-time buyer, are on the CRA's eligibility page: check them before filling out Form T1036, which you use to request each withdrawal from your RRSP issuer.
According to the How to make withdrawals from your RRSPs under the HBP page, you can make several withdrawals, but only during the calendar year of your first withdrawal and in January of the following year. Any part above $60,000 must be reported as income for the year you receive it, and the issuer withholds tax on that excess. The same home can also be paid for in part with a withdrawal from your FHSA: the two plans can be combined.
The repayment schedule
The withdrawal is repaid into your RRSPs over 15 years. Spread over that period, a $60,000 withdrawal means $4,000 a year, and a $35,000 withdrawal about $2,333. Under the normal rule the period starts in the 2nd year after the first withdrawal. The temporary relief, introduced for first withdrawals from 2022 to 2025 and then extended to December 31, 2028, pushes it to the 5th year.
| First withdrawal in | Repayment starts | Last year | Minimum a year on $60,000 |
|---|---|---|---|
| 2021 | 2023 | 2037 | $4,000 |
| 2022 | 2027 | 2041 | $4,000 |
| 2025 | 2030 | 2044 | $4,000 |
| 2026 | 2031 | 2045 | $4,000 |
| 2028 | 2033 | 2047 | $4,000 |
| 2029 | 2031 | 2045 | $4,000 |
The table shows what the relief does: a first withdrawal in 2028 starts repayment in 2033, while a first withdrawal in 2029 would start it as early as 2031, unless the rules change by then. The CRA's own example matches the 2026 row: repayments from 2031.
If you miss a repayment
The amount you were due to repay for the year is added to your taxable income for that year. The cost therefore depends on your marginal rate. At $60,000 of income, adding $4,000 to income costs roughly $1,186 of tax in Ontario and $1,445 in Quebec, using the 2026 brackets. The money is still yours, but it does not go back into the shelter of the RRSP, and you lose the tax-sheltered growth it would have had until retirement.
Repayments are reported on Schedule 7 of your tax return. The CRA also has Form RC471 to cancel a participation in certain situations, and Form RC98, which lets a surviving spouse or common-law partner take over the HBP balance at death.
The HBP versus an ordinary RRSP withdrawal
Without the HBP, taking money out of an RRSP triggers tax withheld at source, and the full amount is added to your income for the year. With the HBP, only the part above $60,000 has to be reported as income in the year of the withdrawal; the rest only becomes taxable if a repayment is missed. The mini calculator below shows what the same money would cost if taken out outside the HBP, based on your province and other income.
What an ordinary RRSP withdrawal would cost
Actual tax on the withdrawal
$12,641
| Federal withholding | $5,250 |
| Total tax due | $12,641 |
| Average rate on the withdrawal | 36.1% |
Before you dip into your RRSP
The HBP drains part of your retirement savings for years, and the duty to repay weighs on your budget at the same time as the mortgage. The FHSA, by contrast, is never repaid. If you qualify for both, the FHSA vs HBP page compares their cost and shows how to combine them. To see what a taxable RRSP withdrawal would really cost, see also RRSP withdrawal.