The Home Buyer's Plan (HBP) is a program that lets you withdraw funds (RRSPs) to $ 25 000 tax free in a calendar year, to buy a first home and earn money for retirement.
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Have an agreement to buy a home;
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The qualifying home must be located in Canada and used as your principal place of residence;
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You need to be considered a buyer of a first home;
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Your HBP balance must be zero on 1 January of the year of withdrawal;
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Neither spouse shall be the owner of the eligible house 30 days before the withdrawal;
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You must be a resident of Canada;
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Complete Form T1036 for each eligible withdrawal;
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You must receive all withdrawals in the same calendar year;
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The property must be acquired before 1 October of the calendar year following the withdrawal.
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