Guide
RRSP Home Buyers’ Plan: the $60,000 limit and repayment
What you can take out, when you start paying it back, and what happens if you miss a year.
Short answer: The Home Buyers’ Plan lets a first-time buyer borrow up to $60,000 from their own RRSP for a home, tax-free. You pay it back over 15 years. For a first withdrawal in 2026 to 2028, the payments start in the fifth year after.
Add your RRSP balance to your cash and FHSA and see where it gets you.
The basics
| Rule | Detail |
|---|---|
| Most you can withdraw | $60,000 per person |
| Repayment period | 15 years |
| First repayment year | 5th year after your first withdrawal (first withdrawal 2026 to 2028) |
| Form to withdraw | T1036, filled out with your RRSP issuer |
| Where repayments go | Your RRSP, PRPP or SPP, reported on Schedule 7 |
Before you take money out
- You need a written agreement to buy or build a qualifying home, and you have to buy or build it before October 1 of the year after the withdrawal.
- You need to be a first-time buyer under CRA’s four-year rule, with some exceptions for people with a disability.
- Money that sits in your RRSP for less than 90 days before you take it out under the plan may not be deductible. Plan your last top-up early.
- Each withdrawal needs its own Form T1036.
Paying it back
Your yearly minimum is the balance divided by the years left. Pay more one year and later minimums drop. Pay less and the shortfall goes on your tax return as income. CRA sends a statement each year with your notice of assessment showing what’s due.
A BC example
Jordan and Sam are buying an $800,000 townhouse in Langley. The minimum down payment is $55,000. Jordan takes $60,000 out of an RRSP under the plan in 2026. Sam uses an FHSA and some cash.
| Year | What happens |
|---|---|
| 2026 | Jordan withdraws $60,000 |
| 2027 to 2030 | No repayments due |
| 2031 | First repayment year, minimum $4,000 ($60,000 ÷ 15) |
| 2031 to 2045 | $4,000 a year if Jordan pays the minimum each year |
That $4,000 is about $333.33 a month to budget, on top of the mortgage. Our planner shows the monthly payment side.
HBP, FHSA or both?
You can use both for the same home. The big difference is the FHSA never gets repaid. If you have both, the FHSA vs HBP guide and the FHSA explainer go into it.
Common questions
How much can I take out under the Home Buyers’ Plan?
Up to $60,000 from your RRSPs, per person. A couple who both qualify can take out up to $120,000 for the same home.
When do I start paying the Home Buyers’ Plan back?
If your first withdrawal is between January 1, 2026 and December 31, 2028, repayments start in the fifth year after it. A 2026 withdrawal means your first repayment year is 2031.
What if I miss a Home Buyers’ Plan repayment?
Whatever you don’t repay for the year gets added to your income on line 12900 of your return, and you pay tax on it. The rest of the balance stays on the same schedule.
Can I repay the Home Buyers’ Plan into my FHSA?
No. Repayments have to go into an RRSP, PRPP or SPP, and you designate them on Schedule 7 of your return. You can’t deduct them either.
Sources
- The Home Buyers’ Plan, Canada Revenue Agency. Checked October 2026.
- How to make withdrawals under the Home Buyers’ Plan, Canada Revenue Agency. Checked October 2026.
- How to repay amounts withdrawn under the Home Buyers’ Plan, Canada Revenue Agency. Checked October 2026.
Same rules as the calculators. Rules last verified: . See how the calculators work.
Keep reading
Estimates only. Not tax, legal or financial advice.
Rough numbers, not a quote or a lender’s decision. Check with a lawyer or notary and your lender before you rely on them. See Disclosures and Methodology.