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.

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:

1. 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}   
2. Fair market value of the property held in the RRSP just after you made your withdrawal.
3. 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:

1. 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}   
2. Fair market value of the property held in the RRSP just after your spouse or common-law partner made their withdrawal.
3. 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} 

Forms and Publications

• Guide T4040, RRSPs and Other Registered Plans for Retirement
• Form T1036, Home Buyers' Plan (HBP) Request to Withdraw Funds from an RRSP
• RC471, Home Buyers' Plan (HBP) – Cancellation
• Form RC98, Election to transfer the Home Buyers' Plan (HBP) or Lifelong Learning Plan (LLP) balance at time of death