Home Buyers Plan Non Resident Apr 2026

Even if you are a non-resident now, you might plan to return to Canada. To use the HBP upon your return, you must qualify as a "first-time buyer." This means that in the four-year period before your withdrawal, you did not occupy a home that you or your current spouse/common-law partner owned. Your time spent abroad as a non-resident counts toward this four-year window. Summary of Risks

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The primary risk for non-residents is the . Canada's tax system is designed to ensure that the HBP—which is a tax-deferred loan from your future self—is used to support the Canadian housing market. When you sever ties with the country, the CRA typically wants that tax-deferred money either back in the RRSP or taxed as immediate income. Even if you are a non-resident now, you

If you were a resident when you withdrew the funds but move abroad before the home is purchased, you may face immediate tax consequences. Generally, if you cease to be a Canadian resident before the purchase of a qualifying home is complete, you must repay the full balance of your HBP withdrawal to your RRSP by the of: Summary of Risks AI responses may include mistakes

If you have already left Canada and are considered a non-resident for tax purposes, you make a new withdrawal from your RRSP under the Home Buyers' Plan. Any withdrawal made as a non-resident will be subject to immediate withholding tax and must be reported as income on your Canadian tax return. 2. Becoming a Non-Resident After Withdrawal

You are still expected to repay 1/15th of the total amount each year.