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What is HBP? Home Buyers' Plan - Explanations

The Home Buyers' Plan, or HBP, allows first-time homebuyers to withdraw funds from their Registered Retirement Savings Plans, or RRSPs, to buy or build a home without paying taxes or penalties on the amounts withdrawn.

The dwelling (house, condo, plex, etc.) must be considered the principal residence, maybe new or existing.

Want to take advantage of the best mortgage rates? Mortgage Pre-Approval Application

HBP and RRSP: How much can I withdraw?

Under the HBP, you can withdraw up to $35,000 from your RRSPs.

If you are two owners, for example, a couple, each owner can withdraw up to $35,000 from their RRSPs, for a total of $70,000 for each home.

Note that some RRSPs, such as locked-in or group RRSPs, do not allow any premature withdrawals, even under the HBP.

Why the Home Buyers' Plan? What are the benefits?

  • Empruntez des sommes dans votre REER sans payer de pénalités, d’intérêts et d’impôts.

    En « rapant », vous maximiserez votre mise de fonds, réduisant votre emprunt hypothécaire. Ainsi, vous serez en mesure de rembourser votre hypothèque plus rapidement. Au final, vous économiserez des sommes significatives en intérêts.

  • Borrow money from your RRSP without paying penalties, interest, and taxes.

    By "raping," you will maximize your down payment, reducing your mortgage loan. This way, you will be able to pay off your mortgage faster. In the end, you will save significant amounts in interest.

  • Avoid paying for mortgage loan insurance.

    If your down payment is less than 20% of your home's purchase price, you will need to obtain mortgage loan insurance provided by Canada Mortgage and Housing Corporation (CMHC). As a result, the interest rates offered to you will be significantly higher than what you could get with a down payment of 20% or more.

    Some financial institutions may even require a down payment higher than 20%, especially if you are self-employed or have a poor credit history. The HBP could help you provide the down payment you need to get the best possible interest rate. You will therefore avoid having to pay for mortgage loan insurance.

  • Use the funds as you wish

    Although the money obtained through the HBP is generally intended as a down payment, you still have the freedom to use it as you wish. Therefore, you could use the HBP to have more liquidity to cover the expenses that accompany the purchase of a property (transfer taxes, furnishings, renovations, etc.).

How long do I have to pay back the money I withdrew from the HBP?

You have 15 years to repay all the funds you withdrew from your RRSPs for the HBP.

However, you can start repaying the money in the second year after the year in which the funds were withdrawn. If, for example, you "rapped" in 2020, repayments will have to start in 2022 and end 15 years later.

However, it is possible to start repaying the amounts in the first year.

The Canada Revenue Agency will determine the minimum repayment to be made each year for 15 years, with equal payments. Note that you have the option of repaying all or the balance of the amounts withdrawn at any time.

For more information on HBP reimbursements, please refer to the ARC .

What are the eligibility requirements for the HBP?

To be eligible for the Home Buyers' Plan, you must :

  • Be considered a first-time homebuyer. However, you will also be eligible for the HBP if, during four years, you did not reside in a home that you, your spouse, or common-law partner owned.
  • Have an accepted offer to purchase, signed by both parties, on a dwelling or the construction of a home.

Good to know

  • If you contribute to your RRSP before making an HBP withdrawal, you will be entitled to your tax deduction only if the funds have remained in your RRSP for at least 90 days.
  • You will also be able to access the HBP if you buy or build a qualifying home for a related person with a disability.

Financial institution partners


National Bank

Laurentian Bank of Canada

Fair Trade Bank

Manulife Bank

B2B Bank

HomeEquity Bank

TD Canada Trust


CHIP - Residential Income Program

First National Financial


Home Trust



Unik financing



Merix Financial - Lendwise

Genworth Financial



Mortgage Protection Plan

La Capitale

IA Industrial Alliance

Canada Guaranty

Our offices

West of Montreal

2892 Saint-Charles Boulevard

Kirkland, Quebec H9H 3B6

T : 438 799-5776

F : 514 906-7011


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Lasalle, Quebec H8N 1X7

T : 438 806-9659

F : 514 879-8927


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Saint-Eustache, Quebec J7P 4W9

T : 438 834-3137

F : 514 906-6612


399 des Laurentides highway, suite 203

Laval, Quebec H7L 3H7

T : 438 806-9471

F : 514 906-6612


180 Saint-Charles Avenue

Vaudreuil-Dorion (Quebec) J7V 2L1

T : 1 866 919-8767

F : 1 888 769-7464

30 years of mortgage history

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Our Partners

  • CHIP
  • First National
  • Home Trust
  • Industrielle Alliance
  • Scotiabank
  • Simplici-T
  • TD Canada Trust
  • Desjardins
  • Merix
  • Lendwise
  • Genworth
  • Canada Guaranty