How to use the Home Buyers' Plan calculator
- 1 Enter the amount you withdraw from your RRSP (up to $60,000).
- 2 Choose the year of withdrawal.
- 3 Enter the return your RRSP would have earned.
- 4 Enter your marginal tax rate to see the cost of a missed repayment.
Worked example
$60,000 withdrawn from an RRSP in 2026, with a 6% return and a 30% tax rate. You repay $4,000 a year from 2028 to 2042. Missing one year would add $4,000 to your income, about $1,200 of tax. Left in the RRSP, the $60,000 could have grown to about $161,566 by 2043, against about $93,104 from the repayments, so the growth given up is roughly $68,462.
Using the Home Buyers' Plan well
- Contribute at least 90 days before you withdraw.
- Combine with the FHSA for a bigger down payment.
- Repay on time to avoid extra tax.
- Repay early when you can to restart growth.
Add the FHSA Calculator, check the Mortgage Stress Test Calculator, and budget closing costs with the Land Transfer Tax Calculator.
Features
$60,000 limit
The higher limit for withdrawals after April 16, 2024.
Repayment schedule
15 years, starting in the second year or fifth year for 2022-2025 withdrawals.
Cost of withdrawing
Estimates the growth given up by taking money out.
When to use it
First-time buyers
Combine with the FHSA for up to $100,000 or more. See the FHSA Calculator.
Down payment planning
See whether you pass the stress test with the Mortgage Stress Test Calculator.
Insurance premiums
A bigger down payment reduces CMHC insurance. Check it with the CMHC Insurance Calculator.
Land transfer tax
Budget closing costs with the Land Transfer Tax Calculator.
Related Home and Auto tasks
Frequently asked questions
How much can I withdraw under the Home Buyers' Plan?
Up to $60,000 from your RRSPs for withdrawals after April 16, 2024. A couple buying together can each withdraw $60,000, for $120,000 in total.
Who qualifies as a first-time buyer?
Someone who did not live in a home owned by them or their spouse in the current year or the previous four calendar years. Exceptions apply after a marriage breakdown or for a person with a disability.
When do I start repaying?
Normally in the second year after the withdrawal, so 2028 for a 2026 withdrawal. For withdrawals made from January 1, 2022 to December 31, 2025, repayments were deferred and start in the fifth year.
How much do I repay each year?
At least one fifteenth of the amount withdrawn. You can repay more, which reduces later payments.
What if I miss a repayment?
The amount you should have repaid is added to your income for that year and taxed. It is not a penalty, but you lose that RRSP room.
Can I use the HBP and the FHSA together?
Yes. Since 2023 you can withdraw from both for the same home, which lets a single buyer use $60,000 from an RRSP plus their FHSA savings.
Do the funds have to be in my RRSP for a while?
Contributions must stay in the RRSP for at least 90 days before you withdraw them under the HBP, or they may not be deductible.
By when must I buy the home?
You must buy or build the home before October 1 of the year after the withdrawal and intend to live in it within a year.
Is the HBP a good idea?
It can help with a down payment, but money taken out stops growing until you repay it. The calculator estimates that lost growth.
Results are estimates based on the official rates linked above. Confirm important figures with the issuing authority or a qualified adviser before you act on them.
Built and reviewed by Hamza Farooq, founder and lead developer
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