Withdraw from your RRSP tax-free to buy or build a first home, then repay it over 15 years.
Free quick-reference guide (PDF, courtesy of TRREB). Save or print for easy reference.
⬇ RRSP Home Buyers' Plan (PDF)The Home Buyers' Plan lets a first-time buyer withdraw up to $60,000 (raised from $35,000 in 2024) tax-free from their RRSP toward a home. A couple can combine for up to $120,000. The amount must be repaid over 15 years.
| ✓ First-time home buyer (4-year rule, similar to FHSA) |
| ✓ Have a written agreement to buy or build a qualifying home |
| ✓ Funds must be in your RRSP at least 90 days before withdrawal |
| ✓ Intend to occupy the home as your principal residence within one year |
| ★ Withdraw up to $60,000 per person tax-free |
| ★ Up to $120,000 for a couple |
| ★ Repay over 15 years (starting the 2nd year after withdrawal) |
| ★ Stacks with the FHSA |
| → Confirm your RRSP funds meet the 90-day rule |
| → Complete Form T1036 with your financial institution |
| → Withdraw and use toward your down payment |
| → Begin repayments in year two |
Common questions about this program.
Up to $60,000 per person as of 2024 (couples up to $120,000).
The shortfall for that year is added to your taxable income.
Contact Tej Thakor, Broker of Record at Royal LePage Terra Realty, for professional real estate guidance across the GTA and surrounding areas — in English, Hindi & Gujarati.
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