The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $20,000 each or $40,000 per couple from your registered retirement savings plan (RRSPs) to use as a down payment to buy or build a home for yourself or for a related person with a disability.
(*You are not considered a first-time home buyer if you or your spouse or common-law partner owned a home that you occupied as your principal place of residence during the in the past 5 years.)
Once you determine you qualify for the HBP you have to fill out Form T1036, for each RRSP withdrawal you make. After completing Area 1, give the form to your RRSP issuer, who will complete Area 2. Attached is the Home Buyer’s Guide and in it you will find the Form T1036.
Alternatively you can access the form by visiting the Government of Canada website at
www.cra-arc.gc.ca/tax/individuals/topics/rrsp/hbp/menu-e.html.
If you are planning to use your RRSP withdrawal funds for your deposit please ensure you complete and submit the form to your RRSP issuer (typically your bank or investment advisor) as soon as possible. It will take a few days for the cash to be deposited into your account.
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