The Home Buyers' Plan (HBP) is a Canada Revenue Agency (CRA) program for first-time home buyers that allows you and/or your spouse or common-law partner to withdraw up to $25,000 from your own Registered Retirement Savings Plan (RRSP) to buy or build a home. You and your spouse/partner can each withdraw $25,000 from your own RRSP for a combined maximum of $50,000. For more information, visit the Acquiring a Home Through the Home Buyers’ Plan page.
If you withdrew money under HBP, you need to start repaying starting from the second year following the year in which you made the withdrawal. You have 15 years to repay the amount you withdrew. Read the Repaying Withdrawals Under the Home Buyers’ Plan page on the CRA website. Each year, you need to put at least one-fifteenth of the total amount back into your RRSP, until the full amount you withdrew is returned to your RRSPs. You can find your minimum required annual repayment amount by accessing your CRA My Account or on your most recent Notice of Assessment.
If you don't contribute the minimum required amount back into your RRSP, CRA adds the equivalent amount to your income for the year and you get taxed on the required amount.
Learn more about Acquiring a Home Through the Home Buyers’ Plan