How to make withdrawals from your RRSPs under the Home Buyers' Plan

Making your withdrawal

Before applying to make a withdrawal under the Home Buyers' Plan (HBP), see How to participate in the Home Buyers’ Plan to make sure you are eligible.

To make withdrawals 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 a separate form for each withdrawal you make.

After filling out Area 1 of Form T1036, give it to your RRSP issuer. The RRSP issuer must fill out Area 2.

You are permitted to make multiple withdrawals from your RRSPs under the HBP; however, you are only permitted to make those withdrawals in the same calendar year as your first withdrawal, and in January of the following calendar year.

Notes

You cannot withdraw more than $35,000 in total under the HBP. Your RRSP issuer will not withhold tax from the amounts withdrawn that total $35,000 or less.

Any portion of the withdrawals from your RRSPs under the HBP that exceed $35,000 will have to be reported as income on your income tax and benefit return for the year you received it. In addition, your RRSP issuer will have to withhold tax on the amount in excess at the time of the withdrawal.

Your RRSP deduction may be affected by your participation in the HBP

If you participate in the HBP, certain rules limit the deduction of your RRSP contributions made during the 89-day period before you made a withdrawal under the HBP. Under these rules, you may not be able to deduct part or all of the RRSP contributions made during this period.

You cannot deduct the amount by which the total of your contributions during the 89-day period to your RRSP is more than the fair market value of that RRSP after the withdrawal.

The same rules apply if you contributed to your spouse's or common-law partner's RRSP during the 89-day period before that individual made the withdrawal from the same RRSP under the HBP.

In other words, for contributions made to an RRSP in the 89-day period to be fully deductible, the value of that RRSP after you made a withdrawal under the HBP must be at least equal to those contributions.

To determine the part of the contributions you or your spouse or common-law partner made to an RRSP that are not deductible for any year, you can use the calculation that follows.

Calculating the part of the contributions you or your spouse or common-law partner made to an RRSP that are not deductible for any year

Make a separate calculation for each withdrawal made under the HBP.

Area 1 – If you are the only one who contributed to your RRSP during the 89-day period just before you withdrew an amount from that RRSP, complete the following calculation:

Amounts you contributed to the RRSP during the 89-day period just before you withdrew an amount from that RRSP under the HBP.^{Footnote 1}
Fair market value of the property held in the RRSP just after you made your withdrawal.
Line 1 minus line 2 (if negative, enter "0"). This is the amount of your contributions to the RRSP that you cannot deduct for any year.

Area 2 – If you contributed to your spouse's or common-law partner's RRSP during the 89-day period just before your spouse or common-law partner withdrew an amount from that RRSP, complete the following calculation:

Amounts you and your spouse or common-law partner contributed to the RRSP during the 89-day period just before your spouse or common-law partner withdrew an amount from that RRSP under the HBP.^{Footnote 2}
Fair market value of the property held in the RRSP just after your spouse or common-law partner made their withdrawal.
Line 4 minus line 5 (if negative, enter "0"). This is the amount of the contributions to the RRSP that is not deductible for any year.^{Footnote 3}

Footnotes

Footnote 1

Do not include:

Any amounts for which you did not receive an RRSP receipt.
Contributions that represent lump-sum amounts (for example, retiring allowances) that you transferred to this RRSP. However, you have to include lump-sum amounts that represent contributions you made to another RRSP during the 89-day period just before your withdrawal, and that were transferred to the RRSP indicated on line 1.
The excess amount that you withdrew from your RRSPs in connection with the certification of a provisional past service pension adjustment that you re-contributed to this RRSP in the 89-day period just before your withdrawal, and for which you claim or will claim a deduction.
An amount you contributed to this RRSP that was refunded to you as an unused amount (if you have filled out Form T3012A, Tax Deduction Waiver on the Refund of your Unused RRSP, PRPP, or SPP Contributions from your RRSP, PRPP or SPP.
Amounts you contributed as a repayment or cancellation payment to your RRSP under the Lifelong Learning Plan.

Return to footnote1 Referrer

Footnote 2

Do not include:

Any amounts for which you or your spouse or common-law partner did not receive an RRSP receipt.
Contributions that represent lump-sum amounts (for example, retiring allowances) that your spouse or common-law partner transferred to this RRSP. However, you have to include lump-sum amounts that represent contributions that your spouse or common-law partner made to another RRSP during the 89-day period just before your spouse's or common-law partner's withdrawal, and that he or she transferred to the RRSP indicated on line 5.
The excess amount that your spouse or common-law partner withdrew from their RRSPs in connection with the certification of a provisional past service pension adjustment, that your spouse or common-law partner re-contributed to this RRSP in the 89-day period just before their withdrawal, and for which your spouse or common-law partner claims or will claim a deduction.
An amount you or your spouse or common-law partner contributed to this RRSP that was refunded to you or your spouse or common-law partner as an unused amount (if you or your spouse or common-law partner have completed Form T3012A, Tax Deduction Waiver on the Refund of your Unused RRSP, PRPP, or SPP Contributions from your RRSP, PRPP or SPP.
Amounts your spouse or common-law partner contributed as a repayment or cancellation payment to their RRSPs under the Lifelong Learning Plan.

Return to footnote2 Referrer

Footnote 3

If you and your spouse or common-law partner made contributions to the above RRSP during the 89-day period just before your spouse or common-law partner made an HBP withdrawal, the earliest contributions made during this period are non-deductible.

Return to footnote3 Referrer

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Date modified:: 2023-12-01

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