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Home Buyers' Plan (HBP)

Home Buyers' Plan (HBP)

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Published by Scott Dawson

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Published by: Scott Dawson on Jun 30, 2011
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07/10/2013

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Home Buyers’ Plan (HBP)
Includes Form T1036
RC4135(E) Rev.10
 
www.cra.gc.ca
Is this guide for you?
Use this guide if you want information about the rules thatapply to the Home Buyers’ Plan (HBP).Chapter 1 explains the Home Buyers’ Plan and theconditions of participation.Chapter 2 provides information concerning the repaymentof withdrawals made under the HBP and differentsituations for these withdrawals.Chapter 3 describes other rules to be considered.
Definitions
– In the definitions section on page 4
 ,
we haveincluded definitions of some of the terms used in thisguide. You may want to read through the glossary beforeyou start.
If you have a visual impairment, you can get our publications in braille, large print, or etext (CD or diskette), or MP3 by going to
www.cra.gc.ca/alternate
, or by calling
1-800-959-2221
. You canalso get your personalized correspondence in these formats bycalling
1-800-959-8281
.
La version française de cette publication est intitulée
Régime d'accession à la propriété (RAP).
Before you start
 
www.cra.gc.ca3
 
Page PageDefinitions
......................................................................... 4
Chapter 1 – Participating in the HBP
.............................. 5What is the HBP?................................................................. 5
C
an a withdrawal be made from any RRSP?............... 5What are the conditions for participating in the HBP?... 5You have to enter into a written agreement to buyor build a qualifying home......................................... 6You have to intend to occupy the qualifying homeas your principal place of residence.......................... 6You have to be considered a first-time home buyer... 6Your repayable HBP balance on January 1 of theyear of the withdrawal has to be zero....................... 7Neither you nor your spouse or common-lawpartner can own the qualifying home morethan 30 days before the withdrawal.......................... 7You have to be a resident of Canada............................. 8You have to complete Form T1036 for each eligiblewithdrawal.................................................................... 8You have to receive all withdrawals in the samecalendar year................................................................. 8You cannot withdraw more than $25,000..................... 8You have to buy or build the qualifying home before October 1 of the year after the year of thewithdrawal.................................................................... 8How to make an HBP withdrawal.................................... 9You have to file an income tax return........................... 10
Chapter 2 – Repaying your withdrawals
........................ 10
 
How to make your repayment........................................... 10What happens if I choose to begin my repaymentsearlier?............................................................................... 11What happens if I repay more than the amountI have to repay for the year?.......................................... 11What happens if I repay less than the amount I haveto repay for the year?...................................................... 11What happens if I do not repay the amount I haveto repay for the year?...................................................... 11Special repayment situations............................................. 11The HBP participant dies............................................... 11You become a non-resident............................................ 12Your options in the year you reach the age of 71........ 13
Chapter 3 – Other rules you should know
..................... 13What happens if I do not meet all the HBPconditions?....................................................................... 13Cancelling your participation........................................ 13If I could not participate in the HBP in a particularyear, can I participate in a later year?........................... 14Can I use funds withdrawn under the HBP for otherpurposes?.......................................................................... 14Can I participate in the Lifelong Learning Plan (LLP)at the same time?............................................................. 14
For more information
........................................................ 16
 
What if you need help?....................................................... 16Forms and publications...................................................... 16My Account.......................................................................... 16TIPS (Tax Information Phone Service)............................. 16Teletypewriter (TTY) users................................................ 16Our service complaint process.......................................... 16Related forms and publications......................................... 16Your opinion counts........................................................... 16
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