# Home Buyers' Plan 2026: $60,000 RRSP Withdrawal Rules > How the Home Buyers' Plan works: take up to $60,000 from your RRSP tax-free for a first home, the 15-year repayment and the deferral for 2026 to 2028. Source: https://trykosh.com/learn/home-buyers-plan Guide - RRSP, TFSA and FHSA # The Home Buyers' Plan: borrowing from your RRSP for a first home The Home Buyers' Plan lets first-time buyers take up to $60,000 out of their RRSPs without paying tax, as long as they put it back over 15 years. For first withdrawals made from 2026 to 2028, repayments don't start until the fifth year after you withdraw. Updated October 31, 20263 min readBy the Kosh team On this page[How the HBP works](#how-it-works)[Who qualifies?](#eligibility)[How repayment works](#repayment)[HBP plus FHSA: stacking for a bigger down payment](#with-fhsa)[Is the HBP a good idea?](#good-idea)[FAQs](#faq) ## How the HBP works The HBP is a loan from your RRSP to yourself. You withdraw up to **$60,000** to buy or build a qualifying home, and no tax is withheld or charged as long as you repay it on schedule. A couple who both qualify can each withdraw up to $60,000 from their own RRSPs for the same home. ## Who qualifies? - You're a first-time home buyer: broadly, you didn't live in a home you or your spouse or common-law partner owned in the four calendar years before the withdrawal or in the current year before it. (There are exceptions, for example when buying for a person with a disability.) - You have a written agreement to buy or build a qualifying home in Canada. - You intend to live in it as your principal residence within a year of buying or building it. - You're a resident of Canada when you withdraw and until the home is bought. One detail catches people: money contributed to an RRSP in the 89 days before an HBP withdrawal from that RRSP may not be deductible. Contribute well ahead of the purchase, or withdraw from an RRSP you didn't just top up. ## How repayment works You repay over **15 years**, in roughly equal yearly amounts (one-fifteenth of the balance each year). Repayments are ordinary RRSP contributions that you designate as HBP repayments on your return; they don't use new room and aren't deductible. If you skip a year's payment, that year's amount is added to your taxable income. Nothing else happens; it's simply taxed as if you'd withdrawn it. ### The deferral for 2026 to 2028 Normally repayment starts in the second year after you withdraw. For first withdrawals made between January 1, 2026 and December 31, 2028, the start is deferred to the **fifth year** after the year of the first withdrawal. So a first withdrawal in 2026 means your first repayment year is 2031. (An earlier version of this relief covered withdrawals from 2022 to 2025.) ## HBP plus FHSA: stacking for a bigger down payment You can use the HBP and the [FHSA](/learn/fhsa-explained) for the same home. A single buyer with a full FHSA ($40,000 of contributions plus growth) and $60,000 of RRSP savings could put around $100,000 toward the purchase before touching taxable savings; a couple could double that. The FHSA money never has to be repaid, so use it first. ## Is the HBP a good idea? - **For:** it turns money that already had a tax refund attached into a down payment, and a bigger down payment can reduce or remove [CMHC insurance](/learn/cmhc-mortgage-insurance). - **Against:** the money stops growing for retirement while it's out, and the repayments land at the same time as a new mortgage. Missing them makes them taxable. - **Rule of thumb:** use the FHSA first. Use the HBP if it gets you over a meaningful line (20% down, or a better rate) and you can budget the repayments alongside the mortgage. [Free tool**RRSP tax refund calculator**Find out how much tax an RRSP contribution saves you this year, and what it really costs once the refund comes back.](/tools/rrsp-calculator)[Free tool**Mortgage payment calculator**Work out your mortgage payment the way Canadian lenders do, with semi-annual compounding, any payment frequency and CMHC insurance added when you put down less than 20%.](/tools/mortgage-payment-calculator) **Where Kosh fits** Kosh tracks your HBP balance and the year repayments start, adds them to your monthly plan, and reminds you before the RRSP deadline so a missed payment doesn't turn into taxable income. ## Frequently asked questions How much can I withdraw under the Home Buyers' Plan? Up to $60,000 from your RRSPs. If your spouse or partner also qualifies, they can withdraw up to $60,000 from theirs for the same home. When do I have to start repaying the HBP? For first withdrawals made between January 1, 2026 and December 31, 2028, the 15-year repayment period starts in the fifth year after the year of the withdrawal. A 2026 withdrawal means repayments start in 2031. What happens if I miss an HBP repayment? The amount you should have repaid that year is added to your income and taxed. Your remaining balance and schedule are otherwise unchanged. Can I use the HBP and the FHSA together? Yes. You can withdraw from both for the same qualifying home if you meet the conditions of each at the time of each withdrawal. Can I contribute to my RRSP right before an HBP withdrawal? You can, but contributions made in the 89 days before the withdrawal from that RRSP may not be deductible. Contributing well ahead of the purchase avoids the problem. ## Sources - [CRA: What is the Home Buyers' Plan](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html) - [CRA: RRSPs and Other Registered Plans for Retirement (T4040)](https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4040/rrsps-other-registered-plans-retirement.html) Written by the Kosh team and checked against the rules in force on October 31, 2026. This guide is general information, not tax, legal or investment advice. Kosh is an educational financial planning tool by Primedepth Labs. It is not registered with any Canadian securities regulator as an adviser or dealer, does not recommend specific securities, and does not hold your money or execute trades. Tax figures are estimates; confirm with the CRA or a qualified professional before acting. Investing carries risk. ## Upload your statement and Kosh does this for you. Kosh reads your bank, card and investment statements, estimates your federal and provincial tax and turns guides like this one into your own numbers and next steps. [Start free](/signup?via=learn-home-buyers-plan)