What is the Home Buyers' Plan (HBP)?

The Home Buyers' Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

Topics

• How to participate in the Home Buyers' Plan (HBP)
  What are the HBP eligibility and RRSP withdrawal conditions?
• How to withdraw funds from RRSP(s) under the Home Buyers' Plan (HBP)
  Follow the steps to withdraw funds from your RRSPs.
• How to repay the funds withdrawn from RRSP(s) under the Home Buyers' Plan (HBP)
  When and how much to repay, how to make a repayment and exceptions to repayment dates.
• How to cancel participation in the Home Buyers' Plan (HBP)
  Situations when you can cancel your participation, how to cancel and due dates.
• How to report repayments on your Income Tax and Benefit Return
  Find out which form to fill out and file with your Income Tax and Benefit Return.
• How to view your Home Buyers' Plan (HBP) account balance – Use MyCRA mobile application or go online to My Account
  Use one of our online services for direct access to your Home Buyers' Plan account balance.

Note 

You will see references to the pooled registered pension plan (PRPP) in the HBP information pages. For more information, go to Contributions to a PRPP.

Forms and publications

• Form T1036, Home Buyers' Plan (HBP) Request to Withdraw Funds from an RRSP
• Schedule 7, RRSP, PRPP, and SPP Unused Contributions, Transfers, and HBP or LLP Activities
• Form RC471, Home Buyers' Plan (HBP) Cancellation

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Understand your rights and obligations when dealing with the CRA.

Original Article taken from canada.ca - LINK

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