The Home Buyers' Plan (HBP) is a program in Canada that allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) tax-free to put towards the purchase of their home. The program was introduced in 1992 by the Canadian government as a way to help Canadians save for a down payment on their first home.

To be eligible for the HBP, you must be a first-time homebuyer, which means you cannot have owned a home within the last four years. You must also have a written agreement to buy or build a qualifying home and intend to occupy it as your principal residence within one year of purchase or completion.

The amount withdrawn under the HBP must be repaid back into the RRSP over a period of 15 years, starting in the second year following the withdrawal. If the required repayment is not made in a given year, the amount owing will be included as taxable income for that year. However, you can also choose to repay the amount back into your RRSP earlier if you wish.

The HBP can be a helpful tool for first-time homebuyers to access their RRSP savings for a down payment without incurring taxes or penalties. However, it's important to carefully consider the impact on your retirement savings and financial goals before using this program.