Home Buyers’ Plan Calculator Canada

What the Home Buyers’ Plan calculator does

The Home Buyers’ Plan lets first-time buyers withdraw from their own RRSP, tax-free, toward a down payment, provided the money is paid back over time. The calculator shows the eligible amount you can withdraw and the fifteen-year repayment schedule, so you know what you are committing to before you file the paperwork.

The withdrawal is in effect an interest-free loan from your future self, so the repayment side matters as much as the amount.

How the withdrawal limit works

The maximum withdrawal is $60,000, and you cannot withdraw more than you hold, so the eligible figure is the smallest of your requested amount, the maximum and your RRSP balance. In practice eligibility also depends on:

• First-time buyer status: generally, neither you nor your spouse or partner lived in a home that either of you owned in the current year or the four years before.
• A written agreement to buy or build a qualifying home.
• Timing: contributions must have been in your RRSP for at least 90 days before the withdrawal.

Your financial institution and the CRA confirm the conditions; the calculator covers the amount and repayments.

Understanding the repayment schedule

You return the money to your RRSP over fifteen years in roughly equal instalments. The calculator divides your eligible withdrawal by fifteen for the annual amount and by twelve again for a monthly figure.

With the full $60,000, the repayment is $4,000 a year, about $333.33 a month. With a $15,000 withdrawal, it is $1,000 a year, about $83.33 a month. The repayment scales with the amount taken, so choosing how much to withdraw also sets the size of a fifteen-year commitment.

What happens if you miss a repayment

Each year the CRA tells you the minimum to repay. Contribute at least that much to your RRSP and designate it as an HBP repayment on Schedule 7, and nothing is added to your income. Repay less and the shortfall is taxable income for that year, and that RRSP room is lost permanently. Treat the annual repayment like any other loan instalment, ideally as an automatic contribution. You can repay faster than required.

The Home Buyers’ Plan across Canada and alongside the FHSA

The HBP is a federal program and works the same way in every province and territory. What differs is the price of housing: in a high-cost market a $60,000 withdrawal covers a smaller share of the down payment than in a lower-cost province.

Many first-time buyers pair the HBP with a First Home Savings Account. The FHSA gives a deduction and tax-free growth with no repayment; the HBP must be repaid over fifteen years. Used together they can add significantly to the down payment, and because the FHSA has no repayment obligation, some buyers use it first and treat the HBP as a top-up.

Common mistakes

• Withdrawing money that has been in the RRSP for less than 90 days, which can cost you the deduction.
• Forgetting Form T1036, the request your financial institution needs before releasing the money.
• Missing an annual repayment, which adds the shortfall to your taxable income.
• Overlooking a spouse’s recent home ownership, which can affect first-time buyer status.

When to use it

• Planning a down payment, to see how much the HBP can add.
• Before withdrawing, to confirm the eligible amount against your RRSP balance.
• Budgeting the fifteen-year repayment.
• Comparing the HBP with leaving the money invested or using an FHSA.

Things to keep in mind

The maximum is set by the government and can change; the calculator uses a maintained figure. Your eligibility, the timing of your first repayment and your yearly minimum depend on your own situation and notice of assessment. Confirm the maximum, the qualifying-home conditions and the timing rules with the CRA or your financial institution before you file.

This information is general in nature and is not financial advice.

About This Home Buyers Plan Calculator

Use this home Buyers Plan calculator to get an instant, accurate estimate. The figures follow official CRA guidance and every rate and threshold is kept up to date for 2026. Adjust the inputs above to match your situation, or browse all our calculators to plan your next step.