Withdrawing from your RRSP without penalty to buy a property

Need help buying your first home? Take advantage of the Home Buyers' Plan (HBP), which allows you to withdraw, tax-free, up to $35,000 from your RRSP ($70,000 per couple) to buy a home.


  • For first-time homebuyers and people who haven't been the owner-occupant of a residence in the past 5 years.
  • You have to pay back all withdrawals to your RRSP (interest-free) within a maximum period of 15 years, starting the second year after you register for the HBP.
  • RRSP contributions of up to 90 days before the withdrawal date can be used towards the HBP.
  • Your new home must be your primary residence.

Tools and tips

What's an RRSP?

The basics of registered retirement savings plans.

Read tip - RRSP 101

RRSP: Don't wait!

The earlier you start contributing, the better!

Read tip - The advantages of making early RRSP contributions

Unused RRSP contribution room

If you haven't been contributing your maximum, you can catch up by using your unused contribution room in subsequent years.

Read tip - Using your unused contribution room

An RRSP loan can help you increase your contribution

Borrowing $10,000 for your RRSP could pay off in a big way.

Read tip - Borrowing to contribute to your RRSP

Pay down your mortgage or contribute to your RRSP?

Your strategy should depend on your lifestyle and your age.

Read tip - Should you pay down your mortgage or contribute to your RRSP?

Your savings: RRSP or TFSA?

It all depends on what you want to do with your money.

Read tip - Comparing TFSAs and RRSPs

Unexpected windfall: Save or spend?

An inheritance or lottery winnings: what to do with it.

Read tip - Unexpected windfall: Save or spend?