Home Buyers Plan Non Resident Apr 2026

You must be a resident of Canada.

AI responses may include mistakes. For financial advice, consult a professional. Learn more

While the HBP is a powerful tool for Canadian residents, the rules change significantly if you become a of Canada. 1. Eligibility at the Time of Withdrawal home buyers plan non resident

The date you file your tax return for the year you left Canada. The 60th day after you became a non-resident.

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 You must be a resident of Canada

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.

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 Learn more While the HBP is a powerful

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: