The Home Buyers' Plan

The Home Buyers' Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a specified disabled person.

What's new

Budget 2024 increased the HBP withdrawal limit from $35,000 to $60,000. The increased withdrawal limit applies to withdrawals made after April 16, 2024.

Note

You can withdraw amounts from your RRSP under the HBP and make a qualifying withdrawal from your first home savings account (FHSA) for the same qualifying home, as long as you meet all of the conditions at the time of each withdrawal. For information about FHSA, go to First home savings account (FHSA).

Topics

• Definitions for Home Buyers' Plan
  Definitions of some of the terms for Home Buyers' Plan (HBP)
• How to participate in the Home Buyers' Plan
  Home Buyers' Plan (HBP) eligibility and RRSP withdrawal conditions
• How to make withdrawals from your RRSPs under the Home Buyers' Plan
  Follow the steps to make a withdrawal from your registered retirement savings plans (RRSPs).
• How to repay the amounts withdrawn from your RRSPs under the Home Buyers' Plan
  When and how much to repay, how to make a repayment and exceptions to repayment dates.
• How to cancel a participation in the Home Buyers' Plan
  Situations when you can cancel your participation, how to cancel and due dates.
• How to report repayments on your income tax and benefit return
  Find out which form to fill out and file with your income tax and benefit return.
• How to view your HBP balance – Use online application withMy Account
  Use one of our online services for direct access to your HBP balance.

Note

You will see references to the pooled registered pension plan (PRPP) in the HBP information pages. For more information, go to Contributions to a PRPP.

Forms and publications

• Form T1036, Home Buyers' Plan (HBP) Request to Withdraw Funds from an RRSP
• Schedule 7, RRSP, PRPP and SPP Contributions and Transfers and HBP and LLP Activities - common
• Form RC471, Home Buyers' Plan (HBP) – Cancellation
• Form RC98, Election to transfer the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP) balance at time of death to the Forms and Publications