The Home Buyers' Plan (HBP) allows you to withdraw funds from your RRSP tax-free to buy or build your first home. As of 2024, the individual withdrawal limit has increased to $60,000.
How to Request a Withdrawal
To begin the process, follow these steps:
Complete Form T1036: Fill out the CRA Form T1036 (Home Buyers' Plan Request to Withdraw Funds from an RRSP).
Submit the Form: Email your completed form to support@modernadvisor.ca or upload it directly through our online chat platform.
Processing Time: Once we receive the form, the withdrawal is usually completed within 3–4 business days.
Key Requirements & Eligibility
The 90-Day Rule: To be eligible for tax-free withdrawal, your RRSP contributions must have been in the account for at least 90 days. Any contributions made within the last 90 days cannot be withdrawn under the HBP.
Repayment Period: You generally have 15 years to pay the funds back into your RRSP.
Note: For withdrawals made between January 1, 2022, and December 31, 2025, the grace period before you must begin repayments has been extended from two years to five years.
First-Time Buyer: You must meet the CRA’s definition of a first-time home buyer (or be a person with a disability or helping a relative with a disability).