RRSP Home Buyers' Plan Calculator — Withdraw Up to $35,000 Per Person
Budget 2024 raised the HBP limit to $35,000 per person — up to $70,000 as a couple. See your withdrawal amount, 15-year repayment schedule, and how combining the HBP with your FHSA can give you up to $75,000 in tax-free down payment funds.
What you'll need
- How much you plan to withdraw from your RRSP (max $35,000 per person)
- Whether you are buying with a partner or spouse
- Your FHSA balance, if you plan to combine it with the HBP
- RRSP must be open at least 2 years; funds in RRSP for at least 90 days
How it works
Enter your withdrawal amount
Up to $35,000 per person (Budget 2024 limit). Couples can combine for up to $70,000 total.
Add your co-applicant if buying as a couple
Each partner can withdraw up to $35,000 from their own RRSP independently.
Add your FHSA balance to see combined total
HBP + FHSA can be combined for up to $75,000 per person in tax-sheltered down payment funds.
HBP Repayment: $35,000 Withdrawal Over 15 Years
| Year | Calendar Year | Repayment Due | Balance Remaining |
|---|---|---|---|
| 1 | 2028 | $2,333 | $32,667 |
| 3 | 2030 | $2,333 | $27,999 |
| 5 | 2032 | $2,333 | $23,331 |
| 10 | 2037 | $2,333 | $11,664 |
| 15 | 2042 | $2,333 | $0 |
Repayment starts 2 years after withdrawal year. Miss a year and that $2,333 is added to your taxable income.
Frequently asked questions
What is the RRSP Home Buyers' Plan (HBP) limit in Canada?
The HBP limit was raised to $35,000 per person in Budget 2024 (up from $25,000). Joint buyers can each withdraw $35,000 for a combined maximum of $70,000.
How long do I have to repay my HBP withdrawal?
You have 15 years to repay. Repayments begin 2 years after the year you made the withdrawal. Each year, you must contribute 1/15th of the withdrawn amount back to your RRSP. If you miss a year, that 1/15th is added to your taxable income.
Can I use both the HBP and FHSA together?
Yes. You can combine the RRSP HBP ($35,000 per person) with your FHSA balance ($40,000 lifetime maximum) for a total of up to $75,000 per person in tax-sheltered funds toward your first home — $150,000 as a couple.
What are the eligibility rules for the HBP?
You must be a first-time buyer (no home owned in the past 4 calendar years). Your RRSP must have been open for at least 2 years. Funds must have been in the RRSP for at least 90 days before the HBP withdrawal. The home must be intended as your principal residence.
What happens if I miss an HBP repayment?
If you do not make the minimum annual repayment (1/15th of the withdrawal), that missed amount is included in your taxable income for that year. You will receive a T4RSP slip showing the income inclusion amount.
Authoritative resources
See your HBP withdrawal and 15-year repayment plan.
Calculate My HBP →Related Calculators
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Calculate mortgage after applying your HBP withdrawal
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