How much do I have to repay to my RRSP each year under the HBP?

You must repay 1/15 of your total HBP withdrawal to your RRSP each year, starting in the second year after the year of withdrawal. For the maximum withdrawal of $60,000, that is $4,000 per year (about $333 per month). If you repay more than the minimum in any year, the excess reduces your required balance for future years.

When do HBP repayments start?

Repayments begin in the second calendar year after you make the withdrawal. If you withdraw funds in 2026, your first repayment is due by December 31, 2028 (or within 60 days of the following year, i.e., by March 1, 2029 for the 2028 tax year).

How do I designate an RRSP contribution as an HBP repayment?

When you file your tax return, you report your RRSP contributions on Schedule 7 and designate how much of your contributions should be considered HBP repayments versus regular RRSP deductions. The designated repayment amount is not tax-deductible — it simply reduces your HBP balance.

Can I repay the HBP faster than 15 years?

Yes. You can repay any amount above the minimum in any year. The excess repayment reduces your outstanding HBP balance and therefore reduces the minimum required in future years. Accelerated repayment restores your RRSP balance sooner for retirement growth.

What is the maximum HBP withdrawal for 2026?

The maximum HBP withdrawal is $60,000 per person. This increased limit (from $35,000) applies to withdrawals made after April 16, 2024. For a couple where both partners are first-time buyers, the combined maximum is $120,000.

What happens to my HBP if I sell the home?

Selling the home does not cancel your HBP repayment obligation. You must continue making annual repayments to your RRSP regardless of whether you still own the home. The remaining balance does not become immediately due — the regular 15-year schedule continues.

Home Buyers' Plan (HBP) Calculator — Repayment Schedule (2026)

Annual Repayment Required

Total Withdrawal $0

Repayment Period 15 years

Repayments Begin —

Monthly Equivalent $0

Tax Cost if Not Repaid $0

This Home Buyers’ Plan calculator shows you the exact repayment schedule for your RRSP HBP withdrawal. Enter your withdrawal amount, the year of withdrawal, and your marginal tax rate to see your annual repayment requirements and the tax cost of missing payments.

For a complete guide to HBP eligibility, rules, and strategies, see our Home Buyers’ Plan Guide.

How HBP repayment works

When you withdraw from your RRSP under the Home Buyers’ Plan, you are essentially borrowing from your own retirement savings. The CRA requires you to repay the full amount over 15 years, starting 2 years after the withdrawal.

The minimum annual repayment is 1/15 of the total withdrawal. Any amount you do not repay in a given year is added to your taxable income — effectively converting that portion from a tax-free withdrawal to a regular taxable RRSP withdrawal.

Repayment amounts by withdrawal size

Withdrawal	Annual Repayment (1/15)	Monthly Equivalent	Tax Cost per Missed Year (at 30%)
$10,000	$667	$56	$200
$20,000	$1,333	$111	$400
$30,000	$2,000	$167	$600
$35,000	$2,333	$194	$700
$40,000	$2,667	$222	$800
$50,000	$3,333	$278	$1,000
$60,000 (max)	$4,000	$333	$1,200

How to designate your repayment

HBP repayments are made through regular RRSP contributions, but you must designate them as HBP repayments on your tax return:

Contribute to your RRSP as usual throughout the year
When filing your tax return, complete Schedule 7 (RRSP, PRPP, and SPP Contributions)
On Schedule 7, specify how much of your RRSP contributions should count as HBP repayment
The designated repayment amount is not tax-deductible — it reduces your HBP balance
Any contributions above the designated repayment are deductible as regular RRSP contributions

Example: $6,000 RRSP contribution with $4,000 HBP repayment due

Portion	Amount	Tax Deductible?	Effect
HBP repayment designation	$4,000	No	Reduces your HBP balance
Remaining RRSP contribution	$2,000	Yes	Reduces your taxable income
Total RRSP contribution	$6,000	Partial

Accelerated repayment strategy

You can repay more than the 1/15 minimum in any year. The excess reduces your outstanding HBP balance and therefore reduces future minimum payments.

Example: $60,000 withdrawal, accelerated vs minimum repayment

Strategy	Years to Repay	Annual Payment	Total Tax-Free
Minimum (1/15)	15 years	$4,000	$60,000
Accelerated	6 years	$10,000	$60,000
Aggressive	3 years	$20,000	$60,000

The financial benefit of accelerated repayment is that your RRSP balance is restored sooner, giving those funds more years of tax-sheltered compound growth before retirement.

Cost of not repaying

If you do not make the minimum HBP repayment in a given year, the shortfall is added to your taxable income. This effectively converts part of your tax-free HBP withdrawal into a taxable RRSP withdrawal.

15-year total tax cost of never repaying

Withdrawal Amount	Marginal Tax Rate	Total Tax Cost Over 15 Years
$35,000	20%	$7,000
$35,000	30%	$10,500
$35,000	40%	$14,000
$60,000	20%	$12,000
$60,000	30%	$18,000
$60,000	40%	$24,000

Never repaying a $60,000 HBP withdrawal at a 30% marginal rate costs $18,000 in total tax over 15 years — plus the loss of decades of tax-free compound growth inside your RRSP.

HBP + FHSA combined strategy

Use the HBP calculator alongside the FHSA Calculator to plan the optimal mix:

Source	Max Amount	Repayment?	Best Use
FHSA	$40,000	No	First priority — no repayment needed
HBP (this calculator)	$60,000	Yes (15 years)	Additional funds beyond FHSA
Combined	$100,000/person	Partial	Full down payment strategy

Home Buyers’ Plan Guide — Complete HBP rules, eligibility, and strategies
RRSP Calculator — Project your RRSP growth over time
RRSP Contribution Room Calculator — How much RRSP room do you have
FHSA Calculator — Tax-free savings for your first home
Mortgage Affordability Calculator — How much home can you afford
First-Time Home Buyer Guide — All Canadian programs for new buyers
Down Payment Calculator — Minimum down payment requirements