Home Buyer's Plan

Enter an HBP fund withdrawal date. You may set it as a later date if you are planning a future purchase. The current default is the property acquisition date, but it can be changed to within 30 days of that acquisition.
If your withdrawal was made in the past, please enter the balance remaining in your HBP account. This number will need to be updated in future years.
If you will be making the withdrawal in the future, enter the amount that you plan to withdraw. It must be lower than $35,000.
Pick an eligible RSP account for the withdrawal and repayment (if you had not already entered an account, please do so before continuing).

If you want to consider RRSP accounts from both spouses, make sure the property Owner is set to "Joint".
The TIME MACHINE will make the appropriate withdrawals and repayments to the account. Accelerated prepayments are not currently supported.
If the account becomes ineligible for deposits (an RRSP must be changed to an RRIF, for example, when you turn 71), the amount to be deposited will instead increase the taxable income for the owner in that year.
If the account owner dies and the property is held jointly, the spouse will inherit the property, the RRSP account, and the balance of the HBP account.
If there is no spouse, the entire balance of the HBP is added as taxable income for the year of passing.

The CRA allows additional options for those aged 71 or older, but we have implemented the most commonly used solutions.