Home Buyers' Plan (HBP)

HBP - Home Buyers' Plan

Use your registered retirement savings plan (RRSP) to buy your home, without paying income tax

  • Withdraw up to $35,000 per borrower and up to $70,000 per couple
  • You have 15 years to pay back the amount withdrawn, interest-free
Use the HBPGet this product - Home Buyers' Plan (HBP)

What's the HBP?

The Home Buyers' Plan is a government program that lets you borrow from your RRSP tax-free to buy or build your home. You then have 15 years to pay back the amount you withdrew, interest-free.

Are you eligible?

You're eligible if you and your spouse were not the owner-occupants of a principal residence during the year of the RRSP withdrawal and the previous 4 years.

You can use the HBP more than once if you've paid back your previous HBP in full by the deadline.

Learn more about the Home Buyers' Plan, see the Canada Revenue Agency site - External link. This link will open in a new window..

HBP or FHSA: which one to choose?

The new tax-free first home savings account (FHSA) will be available in 2023.

Good news! You don't have to choose between one or the other. You can use both your HBP and FHSA when buying your first eligible property.

Learn more about the FHSA.

HBP with no RRSP

You can still use the Home Buyers' Plan if you have few savings put aside or you haven't contributed to an RRSP.

Here's how:

  1. Borrow the amount you need from your caisse, but stay within the maximum RRSP contribution room available to you.
  2. Deposit that amount in a Desjardins RRSP for at least 90 days.
  3. Withdraw these non-taxable funds from your RRSP and repay your loan to the caisse.
  4. Use your income tax refund as a down payment on the purchase of a property.
  5. You have 15 years to put the money back into your RRSP.
Use the HBPGet this product - Home Buyers' Plan (HBP)

How do you repay the funds you've taken out of your RRSP?

You'll need to put back 1/15 of the amount you withdrew as part of the Home Buyers' Plan into your RRSP every year. These contributions can't be deducted from your taxable income. Your repayment period starts the second year after the year when you first withdrew funds from your RRSP for the HBP. You must make a payment in the calendar year or in the first 60 days of the following year.


You bought your first home in June 2021. You took advantage of the HBP and withdrew $30,000 from your RRSP.

To declare it on your 2023 income tax return, you must make your first repayment by February 29, 2024.

You'll need to contribute 1/15 of $30,000 ($2,000) into your RRSP every year.

Useful information

The non-reimbursed portion is taxable. You'll need to add it to your income. Your repayment period remains the same even if your contribution exceeds the annual repayment amount. The additional amount will be put toward your balance and deducted from future yearly repayments.

Further reading

Mortgage rates

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Registered retirement savings plan (RRSP)

Learn more about this profitable plan that allows you save money tax-free for your retirement and long-term goals.

Learn more Learn more about Registered retirement savings plan

4 financial incentives for new homebuyers

Our experts, tax specialist Josette St-Amand and financial planner Angela Iermieri, explain some of the options available to ease the burden.

Learn moreLearn more about four financial incentives for new homebuyers

Online tools

Buying your first home

If you're a Desjardins member, log in to AccèsD to walk through the key steps of the buying process and to:

  • Calculate your budget
  • Estimate your monthly payments
  • Get pre-approved

Log in to AccèsD

On AccèsD, go to the Home section and click Prepare to buy.