RRSP Home Buyers' Plan repayment calculator
An HBP repayment is not a payment to the CRA. It is a contribution to your own RRSP that you designate as a repayment on Schedule 7. Enter what you owe and what you plan to designate, and this states the minimum, what stays deductible, what gets added to your income, and what is left owing.
Worked example — Minimum repayment this year: $4,000. $60,000 still owing over 15 repayment years. Designate $4,000 of a $10,000 contribution and $6,000 may remain deductible, nothing is added to income, and the balance becomes $56,000.
$60,000 owing, contributed $10,000, designating $4,000: The full $60,000 withdrawn and 15 years of repayment ahead. A $10,000 RRSP contribution was made, and only the required minimum of it is designated as a repayment, so the rest can still be deducted.
Advanced options 3
Withdrawn in 2024: your first repayment tax year is 2029. Withdrawals made from 2022 through 2025 get 3 extra years before repayment starts, so the standard answer of 2026 does not apply to you. The deferral is law: Budget Implementation Act, 2024, No. 1 (Bill C-69), royal assent 20 June 2024. The schedule below is labelled from that first repayment year.
The schedule assumes you contribute $4,000 and designate $4,000 in every year after this one. On those numbers the balance reaches zero in 2043, with $60,000 designated in total and nothing added to income along the way. It does not model leaving Canada, death, the year an RRSP matures at 71, a spousal RRSP, or a second HBP participation period, each of which changes the rule rather than the arithmetic.
How do you actually repay the Home Buyers' Plan?
You contribute to your own RRSP, PRPP or SPP, then designate part or all of that contribution as an HBP repayment on Schedule 7 of your tax return. No money goes to the CRA, nothing is withdrawn from your chequing account by anyone else, and the CRA does not designate the amount for you. If you contribute and do not designate, the contribution is an ordinary contribution and the repayment did not happen.
| What people expect | What actually happens |
|---|---|
| The CRA takes the repayment automatically | You choose the amount and enter it on Schedule 7 |
| The repayment is a payment to the government | The money goes into your own RRSP and stays yours |
| The repayment is deductible like any contribution | The designated part is not deductible; the rest of the same contribution may be |
| Missing a repayment creates a debt or a penalty | The shortfall is added to your income for that year instead |
How is the minimum HBP repayment calculated?
Take the balance still outstanding at the start of the year and divide it by the number of repayment years left. It is not one fifteenth of the original withdrawal for the whole term. That distinction is the reason paying extra is worth something: a larger designation lowers the balance, and every later minimum is computed from the lower balance.
On $60,000 with 15 years to go, the minimum is $4,000. Designate $8,000 in the first year instead and the minimum for the following year falls to $3,714 rather than staying at $4,000.
| Repayment year | Minimum, paying the minimum | Minimum, after $8,000 in year one |
|---|---|---|
| Year 1 | $4,000 | $4,000 |
| Year 2 | $4,000 | $3,714 |
| Year 3 | $4,000 | $3,692 |
| Year 4 | $4,000 | $3,667 |
| Year 5 | $4,000 | $3,636 |
Both columns assume nothing else changes. The second column's later years are lower for one reason only: the balance being divided is smaller.
What happens if you do not repay the minimum?
The part of the minimum you do not designate is added to your income for that year and taxed at your marginal rate. There is no penalty, no interest, and no debt carried into the next year. The balance still falls by the full minimum, so a year settled through income inclusion is settled: on $60,000 with 15 years left, designating $2,500 against a $4,000 minimum adds $1,500 to income and still ends the year at $56,000.
The cost is real even though nothing is charged: that $1,500 is taxed and never reaches your RRSP, so the retirement savings are gone as well as the deduction. What it is not is a fine.
When do HBP repayments start?
The long-standing rule is the second calendar year after the year of the withdrawal. Withdrawals made from 2022 through 2025 get 3 extra years before the first repayment is required, under the Budget Implementation Act, 2024, No. 1 (Bill C-69), royal assent 20 June 2024. Pages that still say every withdrawal is repayable two years later are stale for those four withdrawal years.
| Year of withdrawal | Rule that applies | First repayment tax year | Last repayment tax year |
|---|---|---|---|
| 2021 | Standard: second year after | 2023 | 2037 |
| 2022 | 3-year deferral (enacted) | 2027 | 2041 |
| 2023 | 3-year deferral (enacted) | 2028 | 2042 |
| 2024 | 3-year deferral (enacted) | 2029 | 2043 |
| 2025 | 3-year deferral (enacted) | 2030 | 2044 |
| 2026 | Standard: second year after | 2028 | 2042 |
Read from the CRA repayment page on 17 August 2026, which carried a date modified of 20 January 2026. Where CRA guidance and enacted legislation ever disagree, this table shows both candidate years and says confirmation is required rather than picking one.
Home Buyers' Plan withdrawal limit and repayment period
| Rule | Amount or term |
|---|---|
| Withdrawal limit, withdrawals after 16 April 2024 | $60,000 |
| Withdrawal limit before that date | $35,000 |
| Repayment period | 15 years |
| Minimum each year | Balance outstanding divided by repayment years left |
| Where the repayment is claimed | Schedule 7 of your tax return |
This models a single participation period repaid on schedule. It does not cover leaving Canada, death of the participant, the year an RRSP must mature at 71, a spousal or common-law partner RRSP and the attribution rules that come with it, bankruptcy, or a second HBP participation period. Each of those changes the rule rather than the arithmetic: check the CRA repayment guidance for those cases.
Where these numbers come from
Read on 17 August 2026. The CRA page carried a date modified of 20 January 2026.
- CRA — Repay funds withdrawn from an RRSP under the Home Buyers' Plan The minimum repayment method, the Schedule 7 designation, and the income inclusion when less than the minimum is designated
- Budget Implementation Act, 2024, No. 1 (Bill C-69), royal assent 20 June 2024 The 3-year deferral of the repayment start for withdrawals made from 2022 through 2025
This is general publishing, not tax advice, and it does not know your circumstances. Your own HBP balance and required repayment are on your CRA notice of assessment and in My Account, which is the number that governs.
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