RRSP Home Buyers Plan:
Your Guide for 2026

What is the Home Buyers Plan (HBP)?

The Home Buyers Plan (HBP) is a Canadian government program that allows first-time home buyers to withdraw up to $60,000 from their Registered Retirement Savings Plans (RRSPs) tax-free to purchase or build a qualifying home. This powerful tool can help you accumulate a down payment faster by maximizing your RRSP contributions.

2026 HBP Eligibility Requirements

To qualify for the Home Buyers Plan in 2026, you must meet the following criteria:

• First-time home buyer – You (or your spouse/common-law partner) haven't owned a home in the previous 4 years
• Resident of Canada – You must be a Canadian resident
• Written agreement – You must have a written agreement to buy or build a qualifying home
• Intention to occupy – The home must be your principal residence within one year of purchase

How Much Can You Withdraw?

The HBP allows you to withdraw up to $60,000 from your RRSPs. If you're buying with a partner who is also a first-time buyer, you could potentially withdraw up to $120,000 combined ($60,000 each).

Repayment Rules You Must Know

The HBP isn't free money – you must repay the withdrawn amount to your RRSP over 15 years. Here's how it works:

• Repayments start the second year after the withdrawal
• Minimum annual repayment is calculated by dividing the total by 15
• Missed repayments are added to your taxable income

Strategies to Maximize Your HBP

Get the most out of the Home Buyers Plan with these proven strategies:

1. 1
   Contribute early in the year

   RRSP contributions made in early 2026 can be withdrawn by April 2026 while still counting for that tax year's contribution room.

2. 2
   Use the FHSA alongside HBP

   Combine with the new First Home Savings Account for maximum down payment power – up to $80,000 combined!

3. 3
   Repay faster when possible

   Making extra repayments builds RRSP room faster for next time you need it.