Government Grants

Home Buyer’s Plan (HBP)

Tax Break


The HBP enables you to draw money from your RRSPs to buy or build a home for yourself or a disabled individual in your care. You are allowed to pay this back over a 15-year period, and may withdraw up to $35,000.


In order to qualify, you must meet the following requirements:

  1. Must be a first-time homeowner
  2. Must have a written agreement to either build or purchase a new home
  3. Must be a resident of Canada
  4. Must occupy home as principal place of residence for at least one year following your purchase
  5. Must receive/be considered to have received all withdrawals within the same calendar year
  6. RRSP contributions must stay in said account for 90 days before they can be withdrawn under HBP

Additional Information

  • If you are drawing from your RRSPs to help a disabled person in your care, it is the person with the disability that has to enter into such an agreement
  • You may still be considered a first time homeowner if either you or your spouse/common law partner has previously owned a home. Only one of you can have previously owned a home
  • If you have already participated in the HBP program, you are allowed to do so again if your HBP balance is zero on January 1st of the year you apply, and if you meet all other conditions applicable to your situation

How to Apply

Refer to the Forms and Publications section on the below web page for the tax form information