Home Buyers' Plan

HBP

Borrowing from your own RRSP for a first-home down payment.

The Home Buyers' Plan (HBP) lets a first-time buyer withdraw from their RRSP toward a home down payment without immediate tax, then repay it to the RRSP over 15 years. It can be stacked with the FHSA on the same purchase. The catch is the repayment: miss a year's required repayment and that amount is added to your taxable income, so treat it as a loan from your future self.

General information only, not legal, tax, or financial advice. Rules change and vary by province; confirm the current details with the relevant authority before you rely on them.