Definition
Under the HBP, an eligible first-time home buyer can withdraw up to $60,000 from their RRSP (increased from $35,000 effective 2024 for withdrawals made after April 16, 2024) to use toward the purchase or construction of a qualifying home. Both spouses in a couple can each use the HBP, for a combined maximum of $120,000 from their respective RRSPs. The withdrawal is not included in income in the year it is made. Repayment begins the second calendar year after the year of the withdrawal (or two years after, depending on circumstance) and must be completed over 15 years. The annual repayment amount equals at least one-fifteenth of the total amount withdrawn. If the designated repayment is not made in a given year, that year's designated amount is added to income. The HBP is available once per lifetime, subject to an exception for certain relationship breakdowns.
Source
Income Tax Act s.146.01; CRA RC4135 (Home Buyers' Plan)