HBP Repayment Calculator 2025
Track your Home Buyers' Plan repayments and see your required RRSP contributions.
Your HBP Details
Maximum withdrawal: $60,000 (as of 2024)
RRSP contributions designated as HBP repayments
HBP Rules
Enter your HBP details to see your repayment schedule
Understanding the Home Buyers' Plan (HBP)
The Home Buyers' Plan allows first-time home buyers to withdraw up to $60,000 from their RRSPs tax-free to buy or build a qualifying home. In return, you must repay the amount to your RRSP over 15 years.
Repayment Rules
- Repayments start the second year after your withdrawal
- You must repay at least 1/15 of the total each year
- Any shortfall is added to your income and taxed
- You can repay more than the minimum to finish early
2024 HBP Increase
As of April 2024, the HBP withdrawal limit was increased from $35,000 to $60,000. The repayment grace period was also temporarily extended to 5 years for withdrawals made between January 1, 2022 and December 31, 2025.
Missing a Repayment
If you don't make the minimum repayment in a year, the shortfall is included in your income for that year. You'll owe tax on it at your marginal rate, and you lose that RRSP contribution room permanently.
Tip: Even if you can't contribute to your RRSP this year, consider making the minimum HBP repayment to avoid the amount being added to your taxable income.