📢 HBP Withdrawal Limit Raised to $60,000:
Effective **April 16, 2024**, the CRA increased the maximum individual tax-free HBP withdrawal limit from $35,000 to **$60,000 CAD**. If purchasing with a spouse or partner, you can withdraw a combined total of **$120,000 CAD** from your respective RRSPs.
HBP Repayment Estimator
Input your proposed RRSP withdrawal details to calculate your annual repayment obligation:
First-Time Home Buyer Eligibility Rules
To withdraw tax-free funds under the Home Buyers' Plan, you must satisfy the following CRA conditions:
- First-Time Buyer Status: You must not have owned a home that you occupied as your principal place of residence at any time during the 4-year period before your withdrawal.
- The 90-Day Rule: The funds you intend to withdraw must be deposited and remain in your RRSP accounts for **at least 90 days** before you can make the tax-free withdrawal. Contributions made immediately before closing do not qualify.
- Repayment Duration: You have up to **15 years** to pay back the full amount to your RRSP. Repayments do not qualify for fresh tax deductions since the original contributions were already deducted.
HBP Quick Stats
Individual Limit$60,000 CAD
Combined Couple Limit$120,000 CAD
Repayment Window15 Years
Pre-deposit Rule90 Days