Got RRSP savings for a first home in Airdrie? How Canada's Home Buyers' Plan works

The Home Buyers’ Plan in a nutshell

CRA’s Home Buyers’ Plan lets eligible first-time buyers withdraw from their own RRSPs to buy or build a qualifying home, then repay that money over time.[1] The numbers that matter most:

• Up to $60,000 from your own RRSPs (current CRA limit).[1][2]
• Repay over up to 15 years to your RRSP, PRPP or SPP.[1][3]
• First withdrawal from January 1, 2026 to December 31, 2028: repayments start in the fifth year after the year of that first withdrawal. A 2026 first withdrawal means repayments start in 2031.[1][3]
• You can pair an FHSA with the HBP for the same home if you meet both sets of conditions.[1][4]
• No tax is withheld at withdrawal on eligible amounts of $60,000 or less when you follow the rules, but missed repayments can be taxed as income.[2][3]

Who can use it in the Airdrie area

CRA’s conditions include:[2]

• you are generally a first-time home buyer under CRA’s definition (or you qualify under an exception, such as buying for a specified disabled person),
• you have a written agreement to buy or build a qualifying home (a pre-approved mortgage alone does not count),
• you are a resident of Canada when you withdraw, and stay a resident until the home is bought or built,
• you intend to occupy the home as your principal place of residence within one year of buying or building it, and
• if you used the HBP before, your HBP balance is zero on January 1 of the year you withdraw again.

A qualifying home is a housing unit in Canada, existing or under construction: single-family and semi-detached homes, townhouses, mobile homes, condo units and apartments. That covers a lot of what first-time buyers look at in Airdrie, Crossfield and nearby Rocky View County, from resale townhouses to new builds.[2]

How a withdrawal works

Fill out Form T1036 for each eligible withdrawal. You can withdraw from more than one of your own RRSPs if you are the annuitant of each, up to $60,000 in total for the participation period. Withdrawals normally happen in the same calendar year as your first withdrawal, or in January of the next year.[2]

The home generally has to be acquired or built before October 1 of the year after your first withdrawal. If you’re buying a new build in Airdrie, check your builder’s expected completion date against that cutoff before you plan the withdrawal.[2] Contributions made to your RRSP in the 89 days before an HBP withdrawal may not be fully deductible—ask a tax professional before you move money.[2]

Repaying what you withdrew

You have up to 15 years to repay. You designate repayments on Schedule 7 with your tax return. If you repay less than the minimum for a year, the shortfall is generally included in your income for that year.[3]

Temporary repayment relief applies to a first withdrawal made between January 1, 2022 and December 31, 2028: the 15-year repayment period starts in the fifth year following the year of the first withdrawal. CRA’s example for the extended window: a first withdrawal in 2026 means your first repayment year is 2031.[1][3] You can still repay earlier.

HBP plus the First Home Savings Account

You can use the HBP and a qualifying FHSA withdrawal for the same home if you meet the conditions for each.[1][4] HBP money has to be repaid to your RRSP over time; a qualifying FHSA withdrawal does not. The FHSA December 31 article for Airdrie covers FHSA room and the calendar-year deadline. The Airdrie first-time buyer guide puts both programs next to down payment minimums, mortgage insurance and closing costs.

A short to-do list for Airdrie-area buyers

• Confirm you (and your partner, if buying together) meet CRA’s first-time buyer test.[2]
• Map what you already have in RRSPs versus what you might put in an FHSA first.[1][4]
• Don’t withdraw until you have a written purchase or build agreement that meets CRA’s timing rules.[2]
• Use Form T1036 with your RRSP issuer for each withdrawal, and keep your HBP statement of account.[2][3]
• Plan the repayment calendar, especially if your first withdrawal falls in 2026, 2027 or 2028.[3]
• Ask a tax professional about the 89-day contribution rule and how repayments interact with your RRSP room.[2]
• When you’re closer to buying, try the Airdrie mortgage payment calculator and start a pre-approval.

Rules can change, so check CRA’s pages again before you act. Everything here was checked on November 6, 2026.

General information only, not personalized financial, legal or tax advice. Home Buyers’ Plan and FHSA details summarize Canada Revenue Agency pages checked November 6, 2026; rules and limits can change and eligibility conditions apply. Talk to a tax professional about your situation. No rates are quoted here. All mortgages are subject to lender approval, and approval is not guaranteed.

John Antle, Sub Mortgage Broker - Team Lead, Pineapple National Inc. Mortgage Associate licence (Alberta).