Office 289-505-0631  ·  Direct 647-291-7116 Rajiv Verma, Mortgage Broker · Mortgage Architects · FSRA Licence #12728

The RRSP Home Buyers’ Plan: up to $60,000 toward your down payment

First-time buyers can borrow up to $60,000 from their RRSP, tax-free, for a down payment. Here’s how the rules work and how to stack it with the FHSA.

The RRSP Home Buyers’ Plan (HBP) lets first-time buyers pull money out of their RRSP tax-free to put toward a down payment. As of the 2024 update, the limit rose to $60,000 per person — a meaningful boost for GTA buyers.

How the Home Buyers’ Plan works

  • Withdraw up to $60,000 from your RRSP (per person) with no tax withheld, provided the funds were in the account at least 90 days.
  • A couple buying together can each withdraw — up to $120,000 combined.
  • You repay it back into your RRSP over 15 years; missed repayments are added to your taxable income for that year.

Who qualifies

You must be a first-time buyer (no owner-occupied home in the current year or previous four) and a Canadian resident buying a qualifying home. Newcomers may qualify — see new to Canada.

Stack it with the FHSA

This is where the magic happens. You can use the FHSA and the RRSP Home Buyers’ Plan together on the same purchase. For many GTA couples, combining both turns a “we’re not ready yet” into “let’s get pre-approved.”

The repayment trap to avoid

The HBP is a loan to yourself. If you don’t repay the required amount each year, that portion becomes taxable income. I help clients weigh whether the HBP or FHSA (which never has to be repaid) fits their situation better.

How I help

I factor your RRSP, FHSA, and savings into your real budget during pre-approval, and time everything so your down payment is ready when you find the home. It’s all part of buying your first home the smart way.

Wondering how much you can put down?

Let’s add up your FHSA, RRSP, and savings and get you pre-approved — free.

Talk to Rajiv — free

By Rajiv Verma, Mortgage Broker · Mortgage Architects — FSRA Brokerage Licence #12728 · Licensed in Ontario · Office 289.505.0631 · Direct 647.291.7116. General information, not financial advice; confirm current program limits and rules before acting.