The RRSP Home Buyers' Plan (HBP) lets a first-time buyer take up to $60,000 out of their RRSP, tax-free, to put toward a home. A couple who both have RRSPs can pull up to $120,000 combined. You repay the money to your RRSP over 15 years. It is a loan from yourself, not a gift, and that is the key thing to understand.
Below is how the HBP works in Ontario in 2026: who can use it, the 90-day rule, the repayment schedule, what happens if you miss a payment, and how it pairs with the FHSA.
What is the RRSP Home Buyers' Plan?
The HBP is a federal program that lets you withdraw funds from your Registered Retirement Savings Plan (RRSP) to buy or build a first home without paying tax on the withdrawal. Normally, taking money out of an RRSP counts as income and gets taxed. The HBP is the exception.
The catch is that it is a temporary withdrawal. You have to pay the money back into your RRSP over time, or the amount you skip gets taxed as income.
the most one person can withdraw from their RRSP under the Home Buyers' Plan
How much can I withdraw under the HBP?
The current limit is up to $60,000 per person. If you are buying with a partner and you both have RRSPs and both count as first-time buyers, you can each withdraw up to $60,000, for a combined $120,000.
You do not have to take the full amount. You can withdraw only what you need for your down payment and closing costs. Withdrawals generally have to happen in the same calendar year, so plan the timing with your lender.
The 90-day contribution rule
This rule trips people up, so read it carefully. Money you contribute to your RRSP must sit in the account for at least 90 days before you withdraw it under the HBP. If you contribute and then pull it out sooner than 90 days, that contribution may not be deductible.
The practical takeaway: if you plan to top up your RRSP specifically to fund an HBP withdrawal, do it at least 90 days before you need the cash. Do not wait until the week you write your offer.
Am I eligible for the Home Buyers' Plan?
You generally need to meet a few conditions:
- You are a first-time home buyer. In most cases this means you have not owned a home you lived in as your principal residence in the current year or the previous four calendar years.
- You have a written agreement to buy or build a home.
- You are a resident of Canada.
- You intend to live in the home as your principal residence within a year of buying or building it.
If you owned a home in the past but it has been long enough, you may count as a first-time buyer again. Rules can change and details matter, so confirm your own situation with the Canada Revenue Agency or a tax professional before you count on it.