Find the first required year before dividing the balance
The Home Buyers’ Plan has a repayment period of up to 15 years. Under the current Income Tax Act, first withdrawals in 2022 through 2028 start required repayments five years after the withdrawal year. A first withdrawal in 2026 therefore starts in 2031, and its ordinary final repayment year is 2045. First withdrawals outside that relief window use the ordinary second-year start.
The CRA overview includes the 2022–2028 window, while its detailed repayment page still states 2022–2025. This calendar follows the current section 146.01 and the Finance explanatory material rather than applying the older detailed-page endpoint to a 2026 withdrawal. Check your CRA statement if your account history does not match the ordinary participation modeled here.
Early repayments are not simply divided by 15
For CAD 30,000 originally withdrawn, the first installment before credits is CAD 2,000. If CAD 600 was designated before the required period starts, the first required installment becomes CAD 1,400. Dividing CAD 29,400 by 15 would give a different and incorrect first-year requirement. The early credit changes that first installment without bringing the statutory start year forward.
If early repayments exceed the original first installment, the first required amount is zero and the excess reduces the outstanding participation balance. Later requirements use that remaining balance divided by the remaining repayment years. The ledger keeps these stages separate so that an early repayment is not credited a second time.
A shortfall is income, not a missed loan payment carried forward
Without an early credit, a CAD 2,000 requirement and CAD 700 designated repayment leave CAD 1,300 to include in income. Both the repayment and that income inclusion reduce the HBP balance, leaving CAD 28,000 over 14 years. The next requirement remains CAD 2,000 in this example. The tool displays income inclusion, not the tax owed on it.
An extra repayment of CAD 5,000 instead leaves CAD 25,000 over 14 years, making the next ordinary requirement about CAD 1,785.71. Edit future payments to compare a repayment pattern, but do not treat those example inputs as confirmed contributions. Designated amounts are capped at the outstanding participation balance.
Reconcile with Schedule 7 and your statement
CRA accepts eligible contributions made in the repayment year or the first 60 days of the next year for designation. A contribution designated as an HBP repayment is not also an RRSP deduction. Keep the designation record separate from your deduction-room calculation. This schedule starts from an original, single participation, not an unexplained mid-period balance.
Death, nonresidency, reaching 71, canceled participation and multiple participations can change the reporting route. They are outside this ordinary schedule. Use the CRA statement and current filing instructions to reconcile the required amount and outstanding balance before filing; this worksheet does not submit Schedule 7.
Official sources and scope
Checked 7 October 2026. Canadian record worksheets only; not a completed return, benefit decision or account transaction.