About the RRSP Home Buyers' Plan Calculator
The Home Buyers' Plan (HBP) lets first-time home buyers in Canada withdraw money from their RRSPs tax-free to buy or build a qualifying home. The limit is $60,000 per person for withdrawals made after April 16, 2024 (it was $35,000 before), so a couple buying together can take up to $120,000. The money must be paid back into an RRSP over 15 years, or the shortfall is added to your taxable income.
This calculator applies the withdrawal limit, works out the year your repayments begin, and shows the minimum yearly repayment and remaining balance through the full schedule. It reflects the temporary repayment relief: for a first withdrawal made between January 1, 2022 and December 31, 2025, the 15-year repayment period starts in the fifth year after the withdrawal instead of the second — so a 2025 withdrawal is first repaid in 2030, while a 2026 withdrawal follows the normal rule and is first repaid in 2028.
To qualify you generally must be a first-time home buyer (you did not live in a home you owned in the current year or the previous four calendar years), have a written agreement to buy or build a qualifying home that you intend to live in, and acquire it before October 1 of the year after the first withdrawal. RRSP contributions made in the 89 days before an HBP withdrawal may not be deductible.
With the default inputs, the minimum yearly repayment is $4,000.00. Change any value above to recalculate instantly.
How to use the rrsp home buyers' plan calculator
- 1Enter the amount you would like to withdraw from your RRSPs.
- 2Enter the year of your first HBP withdrawal.
- 3Add your partner’s withdrawal if you are buying together.
- 4Enter your marginal tax rate to see the cost of missing a repayment.
- 5Review the first repayment year, yearly minimum and schedule.
Formula and method
The limit is $60,000 per person for withdrawals after April 16, 2024 and $35,000 before that. The repayment period is 15 years. It normally begins in the second year after the year of your first withdrawal, but for first withdrawals made from 2022 through 2025 the temporary relief defers the start to the fifth year after the withdrawal year.
Each year the minimum repayment is the remaining HBP balance divided by the years left, which equals one-fifteenth of the original amount if you pay exactly the minimum. Repaying more lowers later minimums. Any shortfall is included in income for that year, so the tax cost of skipping a year is the minimum repayment times your marginal tax rate.
- Limit
- $60,000 (after April 16, 2024) or $35,000 (2020 to April 16, 2024) per person
- 15
- Length of the HBP repayment period in years
Worked examples
Maximum $60,000 withdrawal in 2026
The temporary relief only covers first withdrawals from 2022 to 2025, so a 2026 withdrawal is repaid from 2028, the second year after, through 2042. The minimum is $60,000 ÷ 15 = $4,000 a year; skipping a year at a 30% marginal rate would cost $1,200 in tax.
$35,000 withdrawn in 2021
Withdrawals before 2022 follow the standard rule, so repayments began in 2023, the second year after 2021. The minimum is $35,000 ÷ 15 = $2,333.33 a year until 2037.
2025 withdrawal with the temporary relief
A first withdrawal in 2025 is inside the January 1, 2022 to December 31, 2025 relief window, so repayments start in 2030 (the fifth year after) instead of 2027 and end in 2044. The minimum is $50,000 ÷ 15 = $3,333.33 a year.
Couple withdrawing $40,000 each in 2030
A 2030 withdrawal is outside the relief window, so repayments begin in 2032. Each partner repays $40,000 ÷ 15 = $2,666.67 a year; together they withdrew $80,000.
Asking for more than the limit
The HBP caps each person at $60,000, so a $75,000 request is limited to $60,000, repaid at $4,000 a year.
Frequently asked questions
How much can I withdraw under the Home Buyers' Plan?+
Up to $60,000 per person for withdrawals made after April 16, 2024 (previously $35,000). Couples who both qualify can each withdraw from their own RRSPs, for up to $120,000 combined.
When do I start repaying the HBP?+
Normally in the second year after the year of your first withdrawal. Under temporary relief, if your first withdrawal was between January 1, 2022 and December 31, 2025, repayments start in the fifth year after it — for example, 2030 for a 2025 withdrawal. Withdrawals from 2026 onward follow the normal second-year rule.
What happens if I miss an HBP repayment?+
The amount you did not repay for that year is added to your income as RRSP income on line 12900 of your return and taxed at your marginal rate. It is not a penalty, but that portion can no longer be repaid into your RRSP.
How do I make an HBP repayment?+
Contribute to your RRSP in the year the repayment is due or in the first 60 days of the next year, then designate that amount as an HBP repayment on Schedule 7 when you file your tax return.
Can I use the HBP and the FHSA together?+
Yes. You can withdraw from both your First Home Savings Account and the Home Buyers’ Plan for the same qualifying home purchase, as long as you meet the conditions of each program.
Tax results are estimates based on published rules and simplified assumptions. They are not tax advice — check official guidance or a tax professional for your situation.