A program that lets you withdraw from your RRSP to buy or build a qualifying home.
First-time buyers can withdraw up to $60,000 from their RRSP (raised from $35,000 in 2024) without paying tax on the withdrawal. You must repay the amount over 15 years, starting the second year after the withdrawal. If you do not repay the required amount in a given year, it is added to your income and taxed. You can combine HBP withdrawals with FHSA funds.
Related terms: First Home Savings Account (FHSA) | Down Payment