The HBP program allows you to withdraw up to $20,000 from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself.
You do not have to include eligible withdrawals in your income, and your RRSP issuer will not withhold taxes on these amounts. You can withdraw a single amount or make a series of withdrawals throughout the same year, provided that the total of your withdrawals is not more than $20,000. If you buy the qualifying home together with your spouse or other individuals, each of you can withdraw up to $20,000.
You have to repay all withdrawals to your RRSps within a period of 15 years. Generally, you will have to repay an amount to your RRSPs each year until you have repaid the entire amount you withdrew. If you do not repay the amount due for a year, it will be included in your income for that year.
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