This program allows you to withdraw up to $25,000.00 in a calendar year from your registered retirement saving plan (RRSPs) to buy or build home for yourself or for a related person with a disability.
HBP eligibility conditions:
# You must be considered a first-time home buyer.
# You must have a written agreement to buy or build a qualifying home for yourself
Or
#You must have a written agreement to buy or build a qualifying home for a related person with a disability, or to help a related person with a disability buy or build a qualifying home.
Withdrawal Process:
To withdraw funds from your RRSP under the HBP, you have to complete Form T1036, Home Buyer’s Plan (HBP) Request to Withdraw Funds from an RRSP. You can withdrawal a single or make a series of withdrawals in the same calendar year.
Repaying the amount, you withdrew:
Generally, you have up to 15 years to repay the amount you withdrew from your RRSP under the HBP. However, you can repay the full amount into your RRSP at any time. Each year, the Canada Revenue Agency will send you a Home Buyer’s Plan statement of account, with your notice of assessment.
For more information on Home Buyer’s Plan (HBP):
Visit Canada Revenue Agency website.
