HBP Repayment Calculator

The HBP lets first-time home buyers withdraw up to $60,000 from their RRSP, tax-free, to put toward a home purchase. The withdrawal must be repaid into your RRSP over 15 years.

Up to $60,000 per person (raised from $35,000 in April 2024). A couple can each withdraw their full $60,000 from their own RRSP for the same purchase, totalling $120,000.

Repayments start the second calendar year after the year of withdrawal. For example, if you withdrew in 2025, your first required repayment year is 2027. The first two years are a grace period — no repayment is due.

Each year, the minimum repayment is your outstanding HBP balance divided by the years remaining in the 15-year window. Pay more than the minimum and your future minimums drop. Pay less and the shortfall is added to your taxable income for that year.

The shortfall is added to your taxable income for the year you missed. There's no penalty interest, but the lost RRSP contribution room is lost forever. The calculator shows your minimum each year so you can stay ahead.

FHSA generally wins. Same RRSP-style deduction going in, but FHSA withdrawals for a qualifying home purchase are permanently tax-free (no repayment schedule). Use the HBP after maxing your FHSA — combined, that's $100,000 of home-buying power per person.

Yes — once you have fully repaid your previous HBP withdrawal AND you again qualify as a first-time home buyer (you and your spouse haven't owned a home you lived in during the past 4 calendar years), you can withdraw again, up to the current lifetime limit.