The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $20,000 each or $40,000 per couple from your registered retirement savings plan (RRSPs) to use as a down payment to buy or build a home for yourself or for a related person with a disability.
Conditions for participation in the HBP
- You must be withdrawing funds to buy or build a home for yourself as a first-time home buyer* or to buy or build a home for a related person with a disability
- You must enter into a written agreement (Offer of purchase) to buy or build a qualifying home.
- The agreement may be with a builder or contractor, or with a REALTOR® or private seller.
- You intend to occupy the qualifying home as your principal place of residence
- You are a resident of Canada
- You must buy or build the qualifying home before October 1 of the year after the year of withdrawal
(*You are not considered a first-time home buyer if you or your spouse or common-law partner owned a home that you occupied as your principal place of residence during the in the past 5 years.)
How to access your money
Once you determine you qualify for the HBP you have to fill out Form T1036, for each RRSP withdrawal you make. After completing Area 1, give the form to your RRSP issuer, who will complete Area 2. Attached is the Home Buyer’s Guide and in it you will find the Form T1036.
Alternatively you can access the form by visiting the Government of Canada website at
If you are planning to use your RRSP withdrawal funds for your deposit please ensure you complete and submit the form to your RRSP issuer (typically your bank or investment advisor) as soon as possible. It will take a few days for the cash to be deposited into your account.
- Your first repayment is due the second year following the year in which you made your withdrawals.
- You have up to 15 years to repay the amount that you withdrew under the HBP. Generally, for each year of your repayment period, you have to repay 1/15 of the total amount you withdrew until the full amount is repaid to your RRSPs.
- If you do not make your annual repayment the amount will be added to your taxable income.