Home Buyers' Plan (HBP) Calculator: Repayment Schedule

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

HBP withdrawals are repaid over 15 years, starting the second year after your first withdrawal (the fifth year for first withdrawals from 2022 to 2028); a required repayment you don't make is added to your income. HBP repayment rules covers the details.

When you withdraw from your RRSP under the Home Buyers’ Plan, you are borrowing from your own retirement savings, and the CRA requires you to repay it in full over 15 years, at a minimum of 1/15 of the total withdrawal per year. Under the temporary relief for first withdrawals made between January 1, 2022 and December 31, 2028, repayment starts the 5th year after the withdrawal year rather than the older, permanent 2nd-year rule. Any amount you do not repay in a given year is added to your taxable income instead.

For the full mechanics behind the start-year clock, missed payments, and edge cases like selling your home or separating, see our HBP repayment rules guide.

Repayment amounts by withdrawal size

How to designate your repayment

HBP repayments are made through regular RRSP contributions, but only count toward your balance once you designate the repayment portion on Schedule 7 when filing. The designated amount is not tax-deductible, since you already claimed that deduction when you first contributed, and any contribution above the designated repayment is a regular, deductible RRSP contribution. For the full designation steps and what happens if you fall short in a given year, see our HBP repayment rules guide.

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

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

Never repaying any of your HBP withdrawal converts the whole amount from tax-free to taxable over the life of the schedule, since each year’s unpaid minimum gets added to your income for that year. For the mechanics of how a single missed payment is taxed and how it affects your remaining balance, see our HBP repayment rules guide.

15-year total tax cost of never repaying

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 how to combine them:

HBP eligibility and rules

To use the calculator, you need to already qualify for the HBP: you can’t have lived in a home you or your current spouse or partner owned in the 4 calendar years before the withdrawal year (or earlier in that year), you need a written agreement to buy or build a qualifying home, and contributions made in the 89 days before the withdrawal may not be deductible. The maximum withdrawal is $60,000 per person ($120,000 per couple). For the full eligibility rules, the 4-year look-back, and the disability and relationship-breakdown exceptions, see our complete Home Buyers’ Plan guide.

Repayment schedule example

For a $35,000 HBP withdrawal with a 15-year repayment period:

Minimum annual repayment = withdrawal ÷ 15 (for example, $35,000 ÷ 15 = $2,333.33 a year).

If you miss a repayment year, that year’s required repayment amount is added to your taxable income for that year.

Frequently asked questions about the HBP

Can I use the HBP more than once? You can use the HBP again if you repaid your previous HBP balance in full and meet the first-time buyer condition again (no home you lived in and owned in the previous 4 calendar years). This is useful for buyers who previously owned, sold, repaid HBP, and are buying again after a separation or divorce.

Can I withdraw from a spousal RRSP for HBP? Yes, you can withdraw from a spousal RRSP for the HBP, provided the first-time buyer and other eligibility conditions are met. The normal 3-year spousal RRSP attribution rule (which would otherwise tax a withdrawal in the contributing spouse’s hands) is waived for HBP withdrawals, so this works even if the contribution was made less than 3 years before the withdrawal. Repayment, however, is still the responsibility of whichever spouse made the withdrawal, and only that spouse’s own RRSP contributions can be designated toward it.

What happens to my HBP if I stop being a Canadian resident? If you become a non-resident after buying the home, you must either repay the remaining balance (before you file that year’s return or within 60 days of leaving, whichever comes first) or include it in your income for the year you became a non-resident. Different rules apply if you leave before buying; see the CRA’s repayment page.

How do the FHSA and the HBP compare? FHSA contributions are deductible and a qualifying withdrawal is tax-free with nothing to repay. The HBP lends you your own RRSP savings, repaid over 15 years. Many buyers use both: the FHSA up to its $40,000 limit, then the HBP for RRSP savings on top.

Related tools and guides

• 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