CRA's current published limit for the RRSP Home Buyers' Plan is C$60,000 per eligible person — up from a lower limit in earlier years, which this page no longer uses. Withdrawals are repaid over 15 years, and for a first HBP withdrawal made between January 1, 2022 and December 31, 2028, the start of that 15-year period is deferred to the fifth year after the withdrawal — a 2026 withdrawal's first repayment year is 2031, not 2028. The HBP can be combined with an FHSA withdrawal for the same home, and it is a different mechanism entirely from the separate Home Buyers' Amount tax credit.
C$60,000 per person — not the figure many buyers still remember
CRA's Home Buyers' Plan page states plainly that the current HBP withdrawal limit is C$60,000. That applies per eligible individual, so two eligible co-buyers can each withdraw up to that amount from their own RRSPs — C$120,000 combined toward one home. Use C$60,000 per person as the limit for a withdrawal made today.
15-year repayment, with a 5-year grace period for withdrawals through 2028
The standard structure is a 15-year repayment period, per CRA's HBP page. Ordinarily that clock starts the second year after the withdrawal. But CRA's page carries a specific, time-limited exception: "if you made your first HBP withdrawal in 2026, your first repayment year will be 2031" — for any first withdrawal made between January 1, 2022 and December 31, 2028, the start of the 15-year repayment period is deferred to the fifth year following the withdrawal year, not the second.
| First withdrawal year | Grace period | First repayment year |
|---|---|---|
| 2023 | 5 years | 2028 |
| 2025 | 5 years | 2030 |
| 2026 | 5 years | 2031 |
| 2028 | 5 years | 2033 |
Deferral applies to first HBP withdrawals made 2022-2028, per CRA. Withdrawals outside that window use the standard second-year start.
The HBP is not the Home Buyers' Amount tax credit
These two names get confused often enough to be worth separating clearly. The HBP is a withdrawal of your own RRSP savings, repayable, with no cash benefit beyond deferring tax on money you already contributed. The Home Buyers' Amount on CRA's line 31270 is a completely different, one-time non-refundable federal tax credit: an eligible first-time buyer can claim up to C$10,000 for the purchase of a qualifying home; its dollar value depends on the federal tax rate for that year, and it reduces tax owing when the return is filed. The two are independent — using the HBP does not reduce or increase the Home Buyers' Amount claim, and the C$10,000 claim can be split between spouses or partners (to a combined C$10,000 per home).
Combining the HBP with an FHSA for the same purchase
CRA's HBP page confirms a buyer can withdraw under the HBP and separately make a qualifying withdrawal from an FHSA for the same qualifying home, as long as each withdrawal meets its own conditions at the time it is made. The FHSA works differently from the HBP in every structural way that matters: CRA's FHSA overview and Finance Canada's FHSA design release describe up to C$8,000 a year (C$40,000 lifetime) of NEW contribution room with a tax deduction on the way in, versus the HBP's withdrawal of EXISTING RRSP savings with no deduction event of its own. A qualifying FHSA withdrawal never has to be repaid; the HBP always does, on the 15-year schedule above. Stacked for a couple, that is up to C$120,000 from the HBP plus up to C$80,000 from FHSAs — up to C$200,000 in registered-account funds toward one purchase. For the FHSA side of that math, see the FHSA calculator; for the combined effect on your savings timeline, see the down payment savings calculator.
Methodology
The current HBP limit and the 2022-2028 deferred-repayment rule are read directly from CRA's Home Buyers' Plan page. The repayment-schedule table and worked example are arithmetic (withdrawal amount divided across the 15-year term, offset by the stated grace period) shown step by step. FHSA comparison figures come from CRA's FHSA overview, Finance Canada's FHSA design release, and CRA's FHSA definitions page. The Home Buyers' Amount credit figure and its approximate tax-savings arithmetic come from CRA's line 31270 page.
Sources
- Canada Revenue Agency — What is the Home Buyers' Plan (HBP) — accessed 2026-09-21
- Canada Revenue Agency — First Home Savings Account (FHSA) overview — accessed 2026-09-21
- Department of Finance Canada — Design of the Tax-Free First Home Savings Account — accessed 2026-09-21
- Canada Revenue Agency — Definitions for FHSAs — accessed 2026-09-21
- Canada Revenue Agency — Line 31270, Home buyers' amount — accessed 2026-09-21