What is the Home Buyers' Plan (HBP)?
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 related person with a disability.
Notes
Currently, the HBP withdrawal limit is $35,000. This applies to withdrawals made after March 19, 2019.
If you contributed more to your, your spouse’s or common-law partner’s RRSP than your RRSP deduction limit allowed, you may have an excess RRSP contribution and may be required to file a T1-OVP, Individual Tax Return for RRSP, PRPP and SPP Excess Contributions even if you withdrew the contribution under the HBP. For more information, go to Guide T4040, RRSPs and Other Registered Plans for Retirement.
Topics
- How to participate in the Home Buyers' Plan (HBP)
What are the HBP eligibility and RRSP withdrawal conditions? - How to withdraw funds from RRSP(s) under the Home Buyers' Plan (HBP)
Follow the steps to withdraw funds from your RRSPs. - How to repay the funds withdrawn from RRSP(s) under the Home Buyers' Plan (HBP)
When and how much to repay, how to make a repayment and exceptions to repayment dates. - How to cancel participation in the Home Buyers' Plan (HBP)
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 Home Buyers' Plan (HBP) account balance – Use MyCRA mobile application or go online to My Account
Use one of our online services for direct access to your Home Buyers' Plan account 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
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