RRSP HBP Repayment Calculator
Use this HBP repayment calculator to plan your 15-year Home Buyers' Plan repayment schedule. The HBP allows up to $60,000 in RRSP withdrawals for a first home (source: CRA). Enter your withdrawal amount and repayment start year to see the required annual payment, year-by-year schedule, and tax cost of missed repayments.
HBP Repayment Details
Under the RRSP Home Buyers' Plan, you must repay withdrawals over 15 years starting the second year after your withdrawal. Missing a repayment adds the shortfall to taxable income.
If you miss a repayment, the shortfall is taxable. Enter your income and province for tax impact:
$2,333
Required annual repayment
16 of 15 years
Missed payment tax impact
At 29.6% marginal rate, missing $0 costs $0 in additional tax.
15-year schedule
| Year | Payment | Balance |
|---|---|---|
| 2027 | $2,333(short) | $32,667 |
| 2028 | $2,333(short) | $30,334 |
| 2029 | $2,333(short) | $28,001 |
| 2030 | $2,333(short) | $25,668 |
| 2031 | $2,333(short) | $23,335 |
| 2032 | $2,333(short) | $21,002 |
| 2033 | $2,333(short) | $18,669 |
| 2034 | $2,333(short) | $16,336 |
| 2035 | $2,333(short) | $14,003 |
| 2036 | $2,333(short) | $11,670 |
| ... 5 more years | ||
How RRSP HBP Repayment Calculator Works
- Enter HBP withdrawal amount: Total withdrawn under the Home Buyers Plan.
- Set start year: Second year after withdrawal.
- Choose repayment amount: Default 1/15, or custom annual amount.
- View schedule: 15-year repayment timeline and tax cost of misses.
HBP allows up to $35,000 (or $60,000 for 2022+ first-time buyers in some cases) to be withdrawn tax-free for a first home. Repayment is 1/15 of the withdrawal each year. Unrepaid amounts are added to income and taxed. Source: CRA.
Frequently Asked Questions
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