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RRSP Home Buyers' Plan

If you're a first-time homebuyer in Canada, one great source of funding for your mortgage down payment is a Registered Retirement Savings Plan (RRSP). The Canadian government's RRSP Home Buyers' Plan (HBP) allows first-time homebuyers to borrow up to $35,000 from their RRSPs for a down payment, tax-free. If you're purchasing with someone who is also a first-time homebuyer, you can both access $35,000 from your RRSP for a combined total of $70,000. However, since the HBP is considered a loan, it must be repaid within 15 years.

*Maximum withdrawal amounts have been updated to reflect changes made in 2019 - please note this video still uses the old maximum figure.

First-time homebuyer eligibility

Buying with a partner

How the HBP process works

Repaying the loan

Missing payments

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