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Conditions for participating in the HBP

Only the individual who is entitled to receive payments from the RRSP (the annuitant) can withdraw funds from an RRSP. You can make withdrawals from more than one RRSP as long as you are the annuitant (plan owner) of each RRSP. Your RRSP issuer will not withhold tax on these amounts.

Generally, you will not be allowed to withdraw funds from a locked-in RRSP.

To participate in the HBP, ONE of the following conditions must apply:

  • You are withdrawing funds to buy or build a home for yourself as a first-time home buyer. more details...

    or

  • You are withdrawing funds to buy or build a home for a related person with a disability . more details...

In addition, ALL of the following conditions must apply:

  • You must enter into a written agreement (Offer of purchase) to buy or build a qualifying home. The agreement may be with a builder or contractor, or with a realtor or private seller. Obtaining a pre-approved mortgage does not satisfy this condition.

  • You intend to occupy the qualifying home as your principal place of residence. more details...

  • Your HBP balance on January 1 of the year of the withdrawal is zero. more details...

  • Neither you nor your spouse or common-law partner owns the qualifying home more than 30 days before the withdrawal. more details...

  • You are a resident of Canada. more details...

  • You buy or build the qualifying home before October 1 of the year after the year of withdrawal. more details...

You are responsible for making sure that all HBP conditions that apply to your situation are met.

If a condition is not met while you are participating in the plan, your RRSP withdrawal will not be considered eligible. You will have to include the RRSP withdrawal as income on your income tax return for the year you received the funds.

If you do not meet the conditions to participate in the HBP in the current year, you may be able to participate at a later date.

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