Home Buyers' Plan (HBP)

The Home Buyers Plan (HBP), as of January 27th 2009 allows for you to take up to $25,000 from your Registered Retirement Savings Plan (RRSP) to purchase a qualifying home for yourself or relative with a disability. If you buy a house with your spouse or common law partner, you may both be eligible to withdraw up to $25,000 from your RRSP.

This withdraw is subject to re-payment, or inclusion in your income.

PROCEDURE FOR WITHDRAW:

First, you must complete; Form T1036, Home Buyers Plan Request to Withdraw Funds:

• Form T1036

Secondly, beginning in the year you make your first withdraw, and every year thereafter until you have repaid the funds or included them in your income, you must file a completed tax return.
To determine your eligibility, and to learn more please read Guide RC4135:
Guide RC4135, Home Buyers' Plan (HBP)