The Home Buyers Plan allows eligible first time buyers who have savings in their RRSPs to withdraw up to $35,000 towards a downpayment. Essentially, it is a tax-free, interest-free loan from yourself. This amount doubles to $70,000 if you’re buying with your partner or spouse, so long as they also qualify as a first time home buyer.
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What is the Home Buyers’ Plan? With the federal government’s Home Buyers’ Plan, you can use up to $35,000 of your RRSP savings ($70,000 for a couple) to help finance your down payment on a home. To qualify, the RRSP funds you’re using must be on deposit for at least 90 days.
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First-Time Homebuyer. If you choose to use the HBP, one of the main criteria is that you be a first-time homebuyer. Bodnar explains, "If both spouses qualify as first-time buyers, they can each borrow $35,000.00 from their RRSP. The RRSP can be an individual plan or a spousal one. This gives them up to $70,000.00 for their home."
To withdraw funds from your RRSPs under the HBP, fill out Form T1036, Home Buyers’ Plan (HBP) Request to Withdraw Funds from an RRSP. You have to fill out this form for each withdrawal you make. After filling out Area 1 of Form T1036, give it to your RRSP issuer. The issuer must fill out Area 2.
However, you can repay the full amount into your RRSP(s), PRPP or SPP at any time. Each year, the Canada Revenue Agency (CRA) will send you a Home Buyers’ Plan (HBP) statement of account, with your notice of assessment or notice of reassessment. The statement will include:
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