1. Buying
  2. First Time Home Buyer

RRSP Home Buyers' Plan

One great source of funding for your mortgage down payment is a Registered Retirement Savings Plan (RRSP). The Canadian government's Home Buyers' Plan (HBP) allows first time home buyers to borrow up to $35,000 from your RRSP 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.

Calculate your Mortgage Payment

Thinking of using the RRSP Home Buyers' Plan? Determine your monthly payment based on your down payment.


First-Time Home Buyer Education Topics


References and Notes

  1. Conditions for participating in the HBP, Canada Revenue Agency