The 60-Day Emigration Rule: If you cease to be a resident of Canada, you must repay the outstanding balance of your HBP withdrawal. The deadline for this repayment is the earlier of:
1. **60 days** after you cease residency, or
2. The date you file your final Canadian departure tax return.
1. **60 days** after you cease residency, or
2. The date you file your final Canadian departure tax return.
HBP Non-Resident Repayment & Tax Calculator
Calculate the tax impact of your outstanding RRSP HBP balance when leaving Canada:
RRSP Home Buyers' Plan Rules
The **Home Buyers' Plan (HBP)** is a program that allows you to withdraw funds from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying first home.
- $60,000 CAD Limit: Effective April 16, 2024, the CRA increased the maximum withdrawal limit from **$35,000 CAD** to **$60,000 CAD** tax-free.
- Repayment Period: Residents have up to 15 years to repay the withdrawn amount to their RRSP, starting in the second year after the withdrawal.
- Emigration Acceleration: Once you become a non-resident, the 15-year repayment schedule is cancelled. You must repay the full outstanding balance immediately or face tax inclusion penalties.
Repayment Process: To make a repayment, contribute the funds to your RRSP and designate the contribution as an HBP repayment on Schedule 7 of your final Canadian tax return. Do not send the payment directly to the CRA.