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Home Buyers Plan

Updated Friday, October 25, 2013
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Did you know that you can take up to $25,000 out of your RRSP to buy your first home? 

 

Before applying to withdraw funds under the HBP you must meet the following conditions:

  • You have to enter into a written agreement to buy or build a qualifying home for yourself, for a related person with a disability, or to help a related person with a disability buy or build a qualifying home.
  • You have to intend to occupy the qualifying home as your principal place of residence no later than one year after buying or building it. If you buy or build a qualifying home for a related person with a disability, or help a related person with a disability buy or build a qualifying home, you must intend that that person occupy the qualifying home as his or her principal place of residence.
  • you have to be considered a first-time homebuyer.
  • In all cases, your HBP balance on January 1 of the year of the withdrawal has to be zero.

Note
Even if you or your spouse or common-law partner have previously owned a home, you may still be considered a first-time homebuyer.

 

When a withdrawal is made you must meet the following conditions :

  • Neither you nor your spouse or common-law partner or the related person with a disability you help buy or build the qualifying home can own the qualifying home more than 30 days before the withdrawal is made.
  • You have to be a resident of Canada.
  • You have to complete Form T1036 for each eligible withdrawal.
  • You have to receive all withdrawals in the same calendar year.
  • You cannot withdraw more than $25,000.

 

Visit the CRA website for more details. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html

 

 

 

 

 


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Julie Jenkins

Julie Jenkins

519-328-4963