Who qualifies for the Home Buyers' Plan
You generally qualify if you are a Canadian resident and a first-time home buyer — meaning you did not own a home you lived in as your principal residence in the current year or the previous four calendar years. Special rules can apply for disability-related purchases and for buyers who previously used the HBP and fully repaid it. Confirm eligibility with CRA before withdrawing.
2026 withdrawal limit and how to claim it
The HBP withdrawal limit is $60,000 per person. Ask your RRSP issuer to process the withdrawal using Form T1036. Funds must be used to buy or build a qualifying home, and you (or your spouse/partner) must intend to occupy it as your principal residence within one year of buying or building it.
Repayment rules that protect the tax-free status
HBP withdrawals are not taxed if you repay them on schedule. Repayments are due over 15 years, with the first payment due by the end of the second calendar year after the year of withdrawal. Missing a required repayment means that amount is added to your taxable income for that year.
Stack HBP with FHSA for maximum down payment power
You can use both the RRSP Home Buyers' Plan and the First Home Savings Account on the same purchase. That is up to $60,000 from HBP plus $40,000 from FHSA — $100,000 per person, or $200,000 for a couple of first-time buyers. Use FHSA first when possible (no repayment), then HBP for additional funds.
Frequently asked questions
- What is the Home Buyers' Plan limit in 2026?
- The RRSP Home Buyers' Plan withdrawal limit is $60,000 per person in 2026. A couple of eligible first-time buyers can withdraw up to $120,000 combined.
- Do I have to repay the Home Buyers' Plan?
- Yes. HBP withdrawals must be repaid to your RRSP over 15 years. The first repayment is due by the end of the second calendar year after the year you withdrew. Any unpaid required amount is added to your taxable income.
- Can I use the Home Buyers' Plan and FHSA together?
- Yes. You can withdraw from both your FHSA and your RRSP under the Home Buyers' Plan for the same qualifying home purchase — up to $100,000 per person when both accounts are maximized.
- What form do I need for an HBP withdrawal?
- Use Form T1036 (Home Buyers' Plan Request to Withdraw Funds from an RRSP). Your RRSP issuer processes the withdrawal; keep records for your tax return and repayment tracking.