$35K per person · 15-year repayment · combine with FHSA · free
RRSP Home Buyers' Plan Calculator
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.
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Maximum $35,000 per person (raised from $25,000 in Budget 2024). Your RRSP must have been open at least 2 years.
Joint buyers can each use the HBP — up to $70,000 combined from two RRSPs.
Single withdrawal up to $35,000.
Maximum $35,000 for the co-applicant. Enter $0 if they are not using HBP.
HBP + FHSA can be combined. Enter $0 if you have no FHSA or are using it separately.
HBP withdrawal
$35,000
Repayment Schedule (first 5 years)
| Year | Calendar Year | Annual Repayment | Remaining Balance |
|---|---|---|---|
| 1 | 2028 | $2,333 | $32,667 |
| 2 | 2029 | $2,333 | $30,333 |
| 3 | 2030 | $2,333 | $28,000 |
| 4 | 2031 | $2,333 | $25,667 |
| 5 | 2032 | $2,333 | $23,333 |
Full 15-year repayment: $2,333/year starting in 2028. If you miss a year, the missed amount is added to your taxable income.
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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
What you'll get
- ✓HBP withdrawal amount — Up to $35,000 per person
- ✓15-year repayment schedule — Annual minimum repayment
- ✓Combined HBP + FHSA total — Up to $75,000 tax-free
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.
Authoritative resources
Related Calculators
FHSA Calculator
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CMHC Insurance Calculator
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Canadian Mortgage Calculator
Calculate mortgage after applying your HBP withdrawal
Land Transfer Tax Calculator
A big upfront cost to plan alongside HBP
About this calculator
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.
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Back to the calculator ↑RRSP Home Buyers' Plan Calculator is built and maintained by the RealCostIQ editorial team. Cost ranges and rates are checked against published industry data and contractor quotes, and revised when the underlying figures move. Read our data methodology or more about who builds this. Every calculation runs in your browser — no account, and none of your inputs are stored.
Cost ranges and rates here are checked against contractor quotes and published industry data. If a number still looks off, email Support@RealCostIQ.com and we'll review and fix it.