Home Buyers Plan Repayment in Divorce

how to pay back home buyers plan
  • Significant changes to HBP in the March 2019 federal budget with a direct impact on separating couples.

  • Withdraw tax-free funding from their Registered Retirement Savings Plan (RRSP) to purchase a new home.

  • The HBP withdrawal balance outstanding on the date of separation is a personal debt to be equalized.

  • If your spouse has a Home Buyers Plan balance, you do not automatically become responsible for repayment.

  • It is required to be paid back to the RSP in full over a fifteen-year period

Home Buyers Plan statement

Home Buyer Plan changes that impact divorce.

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