HBP 2026 Withdrawal: Repayments 2031

At a glance

Withdrew from an RRSP under HBP in 2026? Learn the current 2031 first repayment year, 15-year schedule, missed payments and Schedule 7.

You use the Home Buyers’ Plan to buy your first home and plan to repay your RRSP the next year. You can repay early, but the mandatory deadline for a first 2026 withdrawal is later under current relief.

Quick answer: HBP repayment 2026 withdrawal

CRA states that first HBP withdrawals made in 2026–2028 benefit from temporary repayment relief. For a first withdrawal in 2026, the first required repayment year is 2031, followed by the 15-year repayment period.

What is the Home Buyers’ Plan?

HBP permits qualifying people to withdraw eligible RRSP funds for an eligible home under specified conditions. It is different from a taxable ordinary RRSP withdrawal and different from an FHSA qualifying withdrawal. Eligibility, occupancy, forms and withdrawal timing still matter.

What changed for first withdrawals in 2026?

CRA says temporary repayment relief has been extended to first withdrawals in 2026–2028. Instead of mandatory repayment starting the second year after withdrawal, the 15-year period starts in the fifth year. A first 2026 withdrawal therefore has a first repayment year of 2031 under the current guidance.

How do you estimate the annual minimum?

The remaining HBP balance is generally spread over the years remaining in the required repayment period. If $45,000 remains at the start of a 15-year repayment period, a simplified first minimum is $3,000. CRA’s annual HBP statement supplies the relevant minimum after prior repayments and adjustments.

Can you pay earlier or repay more?

Yes. You may designate qualifying RRSP contributions as HBP repayments before they become mandatory, or exceed the annual minimum. Early repayments reduce the outstanding balance and can lower later required amounts. They do not normally shorten the statutory repayment calendar.

How do you designate a repayment on the return?

Use Schedule 7 and designate the eligible amount on the relevant line. An amount designated as HBP repayment is not deducted again as an ordinary RRSP contribution. Contributions to a spousal RRSP and certain direct transfers cannot be designated as your HBP repayment.

What if you repay too little or nothing?

The unmet minimum generally becomes taxable RRSP income on line 12900 for the year; the HBP balance is reduced accordingly. This is not an additional deductible contribution. The outcome may affect tax brackets and income-tested benefits.

What if the participant dies, becomes non-resident or turns 71?

Special rules can accelerate income inclusion or change repayment options. In some death cases a qualifying surviving spouse can jointly elect to assume the balance; there are also special consequences near age 71. Do not rely on the standard schedule in these circumstances.

Can you use an FHSA and HBP for the same home?

Potentially yes if each plan’s separate qualification conditions are met. The source and tax treatment differ; an FHSA qualifying withdrawal normally does not require HBP-style repayment.

A worked example: HBP repayment 2026 withdrawal

A first-time buyer withdraws $45,000 under HBP in August 2026 and meets the participation conditions. Under CRA’s stated temporary relief, their first repayment year is 2031. If $45,000 remains at that time, a simple minimum is $3,000 for 2031, with subsequent amounts recalculated under the schedule.

Quick-reference decisions: HBP repayment 2026 withdrawal

Your situation	What it usually means	What to check next
First HBP withdrawal in 2026	First required repayment year is 2031 under current CRA guidance	Confirm your HBP statement and preserve records.
Qualifying RRSP deposit before first required year	Can be designated as early repayment	Use Schedule 7; do not deduct the same contribution.
Missed required minimum	Shortfall generally included in taxable income	Report shortfall and update future balance.

Four special situations: HBP repayment 2026 withdrawal

HBP first withdrawal was in 2021 — The 2026–2028 relief extension does not automatically change this older schedule.
You withdrew $60,000 and plan no repayments until 2031 — Confirm 2026 is your first withdrawal year and preserve the full HBP statement.
You turn 71 before finishing the schedule — Special inclusion or repayment rules apply; do not follow normal 15-year assumptions.
You become a non-resident — Departure can change required settlement or income inclusion dates.

What to do, step by step: HBP repayment 2026 withdrawal

Confirm the first HBP withdrawal year and CRA statement.
Map the applicable first repayment year.
Estimate minimum over remaining years.
Make qualifying contributions and designate via Schedule 7.
Monitor balance and major life-event exceptions.

Common mistakes to avoid: HBP repayment 2026 withdrawal

Deducting a designated HBP repayment again
Using spouse’s RRSP contributions as your repayment
Assuming missing a minimum is tax-free because the bank did not withhold

Frequently asked questions: HBP repayment 2026 withdrawal

These answers describe the ordinary rule. Special facts, the filing year and CRA reviews can change the outcome.

Will my RRSP deduction limit increase when I repay HBP?

No. Designated HBP repayments do not create an ordinary RRSP deduction.

Does the HBP deferral apply to all older withdrawals?

No. Repayment start depends on first-withdrawal year and the applicable rules.

Can I repay using a spouse’s RRSP?

A contribution to your spouse’s RRSP is generally not eligible as your HBP repayment.

Official CRA sources: HBP repayment 2026 withdrawal

Need help with HBP repayment 2026 withdrawal?

Presyz is a Toronto accounting and taxation firm. Rules depend on the tax year, family circumstances, documentary evidence and applicable federal and Ontario law. This educational guide is not a substitute for reviewing your specific situation. Contact Presyz through this website if you want help with a filing or planning decision.

General educational content only. Verify current CRA and provincial guidance before acting.

Home Buyers’ Plan Repayments After a 2026 RRSP Withdrawal: Full Guide