Home Buyers' Plan (HBP)

The Home Buyers' Plan is a federal program administered by the Canada Revenue Agency (CRA) under the Income Tax Act (Canada) that allows eligible individuals to withdraw funds from their Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home without immediate tax consequences. As of April 16, 2024, the maximum withdrawal is $60,000 (as of 2026-07-27 — verify current), and withdrawals must be repaid to the RRSP over 15 years (as of 2026-07-27 — verify current). This is a federal program, not a BC provincial program; verify current HBP rules, repayment schedules, and eligibility with a licensed tax professional or the CRA before withdrawing.

No. The Home Buyers' Plan is a federal program under the Income Tax Act (Canada) and is administered by the Canada Revenue Agency, not the BC provincial government. While BC has its own programs—such as the First-Time Home Buyers' Program under the Property Transfer Tax Act, RSBC 1996, c. 378, which offers exemptions or reductions on property transfer tax—the HBP is entirely separate and governed by federal law. Verify how federal HBP withdrawals and BC property transfer tax exemptions may work together by consulting a BC lawyer, notary, or licensed tax professional.

Under the federal Income Tax Act (Canada), the Home Buyers' Plan permits RRSP withdrawals for the purchase or construction of a qualifying home located anywhere in Canada, including any municipality in British Columbia. The home must be a qualifying home as defined by the CRA, and you must meet all HBP eligibility criteria, including first-time buyer status (or meeting the exception criteria). Verify whether your intended property and your personal situation meet CRA's qualifying home and buyer definitions with a licensed tax professional before proceeding.

No. The Home Buyers' Plan is a federal RRSP withdrawal program under the Income Tax Act (Canada), while BC's First-Time Home Buyers' Program is a property transfer tax exemption or partial exemption administered under the Property Transfer Tax Act, RSBC 1996, c. 378. The BC program offers eligible first-time buyers a full exemption on the first $500,000 of a home's fair market value (as of 2026-07-27 — verify current) and partial exemption up to $835,000 (as of 2026-07-27 — verify current). These are separate programs with different eligibility rules; verify your eligibility for each with a BC lawyer, notary, or licensed tax professional.

Under the federal Income Tax Act (Canada), the maximum HBP withdrawal was increased to $60,000 (as of April 16, 2024 — verify current) per eligible individual. If two eligible individuals are purchasing together (e.g., spouses or common-law partners), each may withdraw up to $60,000 (as of 2026-07-27 — verify current), for a combined maximum of $120,000 (as of 2026-07-27 — verify current). These amounts and the April 16, 2024 effective date are federal; verify the current withdrawal limit, your RRSP contribution room, and repayment obligations with a licensed tax professional or the CRA before acting.

Yes. Under the federal Income Tax Act (Canada), HBP withdrawals must be repaid to your RRSP over a period of up to 15 years (as of 2026-07-27 — verify current), beginning the second year after the year of withdrawal. If you do not make the required annual repayment, the CRA will include the missed amount as taxable income for that year. Verify your personal repayment schedule, deadlines, and any consequences of missed payments with a licensed tax professional or directly with the CRA before relying on an HBP withdrawal.

The federal Home Buyers' Plan and BC's property transfer tax are independent. Using the HBP to withdraw RRSP funds does not change your PTT obligations under the Property Transfer Tax Act, RSBC 1996, c. 378; you still owe PTT at the applicable rates unless you qualify for an exemption or reduction (e.g., the First-Time Home Buyers' Program or Newly Built Home Exemption). However, both programs may be available to the same buyer if all eligibility criteria are met for each. Verify your PTT liability and exemption eligibility with a BC lawyer or notary, and verify HBP rules with a licensed tax professional.

Under the federal Income Tax Act (Canada) and CRA rules, you generally must be a first-time home buyer to use the HBP, meaning you (and your spouse or common-law partner, if applicable) must not have owned a home that you occupied as your principal place of residence in the four-year period before the current withdrawal (as of 2026-07-27 — verify current). There are limited exceptions, including for persons with disabilities. Because eligibility depends on your ownership and occupancy history, verify your specific situation with a licensed tax professional or the CRA before assuming you qualify.

Official HBP information is published by the Canada Revenue Agency (CRA) on www.canada.ca and in CRA guidance documents, as the HBP is a federal program under the Income Tax Act (Canada). For BC-specific matters—such as property transfer tax exemptions under the Property Transfer Tax Act, RSBC 1996, c. 378—consult the BC Ministry of Finance at www.gov.bc.ca or speak with a BC lawyer or notary. For personal tax and RRSP advice, verify all details with a licensed tax professional before making any withdrawal or purchase decision.

Yes, provided the strata unit is a qualifying home under the federal Income Tax Act (Canada) and CRA HBP rules. A strata property governed by the Strata Property Act, SBC 1998, c. 43 (BC's legislation for condominiums and other strata developments) can qualify as a principal place of residence for HBP purposes if you intend to occupy it within one year of purchase (as of 2026-07-27 — verify current) and meet all other HBP eligibility criteria. Verify that your intended strata purchase and your personal circumstances meet CRA's qualifying home definition with a licensed tax professional before proceeding.