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 $25,000 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 $25,000 from your RRSP for a combined total of $50,000. However, since the HBP is considered a loan, it must be repaid within 15 years.

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