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Home Buyers' Plan (HBP)

Borrow from your registered retirement savings plan (RRSP) to buy your home–without paying income tax. If you’re a member, book an appointment online to participate in the HBP.

Book an appointment using our mobile and online services.

What is the HBP?

The Home Buyers’ Plan is a government program that lets you borrow from your RRSP tax-free to buy or build your home.

Benefits of the HBP

Tax-free withdrawals

Withdraw up to $60,000 from your RRSP without paying tax.

Combined withdrawals

Combine your withdrawals with that of your spouse to increase your down payment.

Interest-free payments

You have 15 years to pay back the amount withdrawn, interest-free.

Features of the HBP

Eligibility

  • You’ve had money in an RRSP for at least 90 days.
  • You and your spouse did not own a principal residence at any time during the year of the RRSP withdrawal or in the 4 calendar years before that.
  • You have a written agreement to buy or build an eligible principal residence in Canada.
  • You intend to occupy the residence within 1 year after you buy or build it.

Visit the Canada Revenue Agency website for more details on HBP eligibility External link..

Maximum withdrawal amount

You and your spouse can each withdraw up to $60,000 from your RRSPs, up to a maximum of $120,00 per couple.

When to repay your HBP

  • You must begin to repay your HBP within 2 years and 61 days from your withdrawal.
  • You have 15 years to pay back the entire amount withdrawn from your RRSP.

How to repay your HBP

You’ll need to put at least 1/15 of the amount you withdrew as part of the Home Buyers’ Plan back into your RRSP every year. These contributions can’t be deducted from your taxable income.

Example

To know how much you need to pay back each year, divide the withdrawn amount by 15. For example, if you withdraw $30,000 from your RRSP, your minimum annual repayment would be $2,000 ($30,000÷15=$2,000).

Good to know

If you don’t repay the minimum amount for a certain year, you’ll need to add the unpaid portion to your taxable income.

How to take advantage of the HBP

  1.  Step one. Go to the Canada Revenue Agency website External link. to fill out the form to withdraw funds from an RRSP.

  2.  Step two. Submit the completed form to an advisor.

  3.  Step three. Withdraw up to $60,000 from your RRSP to purchase your home.

Plan the purchase of your first home online

If you’re a member, use our mobile and online services to learn the key steps of buying your first home and:

  • Calculate how much you can afford
  • Estimate your monthly payments
  • Get pre-approved
Plan your purchase using our online and mobile services.

HBP vs FHSA

You can use your HBP and your FHSA (first home savings account) together to make a down payment on your first home, or choose the one that’s best for your needs and goals.

Compare plans

HBP

You can withdraw up to $60,000 from your RRSP to buy a qualifying home.1

Withdrawal taxes

You won’t be taxed on the amount withdrawn if you put the minimum amount required back into your RRSP each year.2

Repayment

You have 15 years to repay the amount withdrawn from your RRSP. You must begin payments within 2 years after the year of the withdrawal.

FHSA

You can withdraw all your contributions (lifetime limit of $40,000) and the accumulated investment income from your FHSA to buy a qualifying home.1

Withdrawal taxes

You won’t be taxed on the amount withdrawn if it’s a qualifying withdrawal to buy or build a first home.3

Repayment

You don’t have to pay back the amount withdrawn from your FHSA.

Learn more about the FHSA

All about buying a first home

Learn about the steps for buying a home so you can start the process with confidence.

See our tips for first-time home buyers

Tips for buying a home

FAQ

Can I benefit from the Home Buyers’ Plan if I don’t have an RRSP?

You can still use the Home Buyers’ Plan if you have savings put aside but haven’t contributed to an RRSP.

  1. Apply for an RRSP loan (or other type of loan) for an amount within your contribution limit.
  2. Deposit the amount into a Desjardins RRSP for at least 90 days.
  3. Withdraw the funds tax-free from your RRSP and pay off your loan.
  4. Use your tax refund as a down payment on your home.

Keep in mind that you’ll pay interest on any loan you take out.

Can you use the HBP more than once?

Yes. You can use the HBP again if you’ve fully completed your previous use of the HBP, that is, you’ve repaid the full amount into your RRSP by the deadline. You must also meet other eligibility criteria.

What happens if I pay back more than the minimum amount each year?

If you repay more than the minimum amount each year, your repayment period will remain the same. The additional amount you’ve paid will reduce only the balance owed and the amount of future annual repayments.

Benefit from the HBP

With an advisor

If you’re a member, book an appointment online to speak with an advisor in person, by phone or by video call.

Book an appointment using our mobile and online services.

By phone

Monday to Friday: 8 AM to 9 PM
Saturday: 9 AM to 6 PM

Montreal area:
514-745-9499 This link opens your phone app.

Elsewhere in Canada:
1-844-626-2476 This link opens your phone app.

We can also call you when it's convenient.

Schedule a call with the mortgage financing team.

Other useful products for your homebuying plans

RRSP

A registered retirement savings plan (RRSP) lets you reduce your taxable income so you pay less tax.

Learn more about RRSPs.

RRSP loan

An RRSP loan lets you borrow funds so you can maximize your contributions to your RRSP.

Learn more about the RRSP loan.
A qualifying home is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes or apartment buildings all qualify. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in a housing unit in Canada, also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.Your repayment period starts the second year after the year when you first withdrew funds from your RRSP for your HBP, except for withdrawals made between January 1, 2022, and December 31, 2025. In that case, you can start repayments no later than 5 years after your withdrawal. Each year, you must repay at least 1/15 of the amount you withdrew from your RRSP. These contributions can't be deducted from your taxable income. The portion non-reimbursed in a year will be added to your taxable income for that year. To make a non-taxable withdrawal under the HBP, you must meet the conditions described in form T1036 Home Buyers' Plan (HBP) Request to Withdraw Funds from an RRSP External link.To make a non-taxable withdrawal from your FHSA, you must meet the conditions described in form RC725 Request to Make a Qualifying Withdrawal from your FHSA External link.