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Homeโ€บCanadaโ€บHome Buyers' Plan Calculator

Home Buyers' Plan Calculator Canada 2025

Plan your RRSP withdrawal under the Home Buyers' Plan ($60K max). See repayment schedule, opportunity cost, and FHSA+HBP combo for $100K.

The Home Buyers' Plan lets you withdraw up to $60,000 from your RRSP tax-free for a first home (Budget 2024). Combine with FHSA for up to $100K tax-advantaged.
$
Your total RRSP savings available for HBP
$
Max $60,000/person ($120K couple) โ€” Budget 2024
$
To estimate your tax savings from the RRSP contribution
Both partners must be first-time buyers
%
Long-term average: 6-8% for balanced portfolio
$
Pay back faster than the required 1/15th per year
โ€”

Estimates only. HBP rules may change. Consult a financial advisor for your situation.

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How to Use This Calculator

Tab "Withdrawal & Repayment"

Enter your HBP withdrawal amount (max $60,000) and RRSP balance. See the 15-year repayment schedule, annual repayment amount, and what happens if you miss a payment (added to taxable income).

Tab "Opportunity Cost"

Enter the withdrawal amount, years to retirement, and expected RRSP return. Compare what the money would have grown to inside the RRSP vs withdrawn. See the true cost of using the HBP.

Tab "FHSA + HBP Combo"

Enter your FHSA balance, HBP withdrawal, home price, and down payment %. See the combined $100K tax-advantaged potential, how much comes from each source, and CMHC insurance impact.

The Formulas

Home Buyers' Plan (2025):
Maximum withdrawal: $60,000 per person ($120,000 for couple)
Repayment period: 15 years
Annual repayment: Withdrawal รท 15
Repayment starts: 2nd year after withdrawal

Missed repayment:
Missed amount added to taxable income for that year
Tax on missed = missed amount ร— marginal rate

Opportunity cost:
Lost growth = Withdrawal ร— (1 + return)^years โˆ’ Withdrawal

FHSA + HBP combo:
FHSA: $40,000 max (no repayment required)
HBP: $60,000 max (15-year repayment)
Combined: up to $100,000 per person

Example

Alex โ€” First-Time Buyer, Age 30, $50,000 HBP + $32,000 FHSA

FHSA withdrawal$32,000 (tax-free, no repayment)
HBP withdrawal$50,000 (repay over 15 years)
Combined down payment$82,000
Annual HBP repayment$3,333/year for 15 years
Opportunity cost (6%, 25yr)~$164,000 in lost RRSP growth

Frequently Asked Questions

Yes. You must not have owned a home that you lived in as a principal residence in the current year or the previous four calendar years. If you owned a home with an ex-spouse but haven't owned one in 4+ years, you qualify again. Both you and your spouse/partner must be first-time buyers if you both want to withdraw.
RRSP contributions must be in your account for at least 90 days before you can withdraw them under the HBP. If you contribute and withdraw within 90 days, you won't get the tax deduction for that contribution. Plan ahead โ€” contribute early in the year before you expect to buy.
If you don't make the minimum annual repayment (1/15th of the original withdrawal), the shortfall is added to your taxable income for that year. For example, if your required repayment is $4,000 and you repay only $2,500, the remaining $1,500 is treated as RRSP income and taxed at your marginal rate. There's no penalty beyond this added tax.

Related Calculators

๐Ÿ  FHSA Calculator
First Home Savings Account โ€” $40K tax-free.
๐Ÿก Mortgage Calculator
Monthly payment with CMHC and semi-annual compounding.
๐Ÿ“ˆ RRSP Calculator
Contribution room and retirement projection.
๐Ÿ˜๏ธ Land Transfer Tax
Closing cost: land transfer tax by province.

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