One way to alleviate the financial stresses of being a homeowner is to consider the Home Buyers’ Plan program. 

If you’re looking for a Canadian residence, and if you believe you’re qualified for the program, here’s all the information and tips you should know.

What Is a Home Buyers’ Plan Form?

The Home Buyers’ Plan (HBP) request allows you to withdraw money from your Registered Retirement Savings Plan (RRSP) in order to make housing more affordable for you.

When talking about the HBP, an important document is the T1036 HBP Form, but what exactly is it?

The T1036 Home Buyers’ Plan Forms exist to serve two reasons:

Form T1036 online
  1. To determine your eligibility for participating in the HBP program; and
  2. To facilitate your fund withdrawal request from your RRSP.

It would now help to familiarize you with the specifics and rules of the HBP.

Qualifications for the Plan

Eligibility for the Home Buyers’ Plan entails that:

woman smiling

The plan can be considered as one type of tax credit for residents with disabilities that you can use. This is an example of being able not to pay tax for your withdrawal.

Benefits of the Plan

Subscribing to the program entitles you to a maximum of a $35,000 withdrawal.

For housing, this means that you can use this withdrawal to settle any downpayment balances for your home. Overall, this makes owning a home more financially achievable.

In addition to this, you should highly consider these benefits too:

person holding a miniature house

How to Withdraw Funds

Withdrawing money from your RRSP can be done in three simple steps:

  1. Fill out the T1036 Home Buyers Plan Application Form. This is an individual assessment of your eligibility for the program. Our advice is to make sure to know your social insurance number for faster processing.
  2. Submit the form to your financial institution to formally endorse your intentions.
  3. Wait for the approval of your application.
lady talking to her client

Once approved, remember to use the money within 30 days of taking ownership of your home. This is why our expert team would advise you not to apply too early.

To avoid this, there are a few things you should prepare for before filing your request:


Where Do I Send T1036 Form?

You can send the T1036 forms to your financial institution. Doing so will inform them about your plans to withdraw.

How Much Can You Withdraw From Rrsp for Home Buyers Plan?

You can withdraw up to a maximum amount of $35,000 from your RRSP. These funds should be used towards the buying or building of your home.

Is HBP Withdrawal Taxable?

No, your withdrawal is exempted from tax return. Just make sure you pay the loan back before the deadline to avoid the tax fee.

Can You Participate in the LLP if the HBP Is Not Yet Fully Paid?

Participating in the Lifelong Learning Plan (LLP) can be made simultaneous with the HBP program. You can still partake in the LLP despite not being fully paid for the HBP.


Being a homebuyer as a person with a disability [1] is made achievable in Canada. 

With the main benefit of relieving this financial burden, our professional advice would be to try applying for the HBP as soon as possible. As long as you are an eligible resident and have sufficient funds in your RRSPs, you can certainly receive some financial help.

Foster Mendez

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