What is it?
The Home Buyers’ Plan (HBP) allows you to withdraw funds from your RRSP to buy or build a qualifying home.
With HBP withdrawals:
- You have 15 years to repay withdrawals made from your RRSPs under the HBP starting two (2) years after the withdrawal.
- You have to buy or build a home by October 1 of the year after you make withdrawals from your RRSP.
- RRSP issuers will not withhold tax for withdrawals of $35,000 or less.
In each tax year, you need to re-pay one-fifteenth (1/15) of the total amount borrowed until your full amount owed is paid back to your RRSP (via the institution you withdrew from).
For more information, you can refer to the CRA website for more information on eligibility, withdrawal, and repayment conditions.
How to withdraw under the HBP
To request to withdraw funds from your RRSP for the HBP, please submit a request here with the following items:
- Completed HBP withdrawal form: T1036 Home Buyers' Plan (HBP) Request to Withdraw Funds from an RRSP.
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Attach a void cheque so we know where to deposit your funds
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Confirm if you have officially bought your home already
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Confirm if you would like to complete a full or partial RRSP withdrawal
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Consent for us to start liquidating your RRSP account into cash on your behalf
*Please note that delays can occur if your portfolio contains any less-liquid securities that can take longer to settle. If you have questions about whether your portfolio contains these types of securities, please don't hesitate to ask.
How are my contributions within the last 89 days calculated?
If you wish to withdraw from your RRSP under the HBP, but you have made contributions to your RRSP within the last 89 days, you may not be eligible to withdraw the full amount of your account. This may include contributions that have been made in accounts with external financial institutions. You can learn more about this rule here.
To confirm how much you are eligible to withdraw from your RRSP, you can submit a request to our support team to confirm.
Need More Information?
If you need any assistance with HBP withdrawal requests, you can submit a request to our support team.