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Canada Revenue Agency Du revenue Du Canada T1036 E (12) Protected B when completed Home Buyers' Plan (HBP) Request to Withdraw Funds from an RESP NOTE: In this form, the text inserted between square

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What is home buyers39 plan hbp?

The Home Buyers' Plan (HBP) is a program in Canada that allows first-time home buyers to withdraw up to $35,000 from their registered retirement savings plans (RRSPs) to purchase or build a home.

Who is required to file home buyers39 plan hbp?

Any first-time home buyer in Canada who wishes to withdraw funds from their RRSP through the HBP must file an application with the Canada Revenue Agency (CRA).

How to fill out home buyers39 plan hbp?

To fill out the Home Buyers' Plan (HBP) application, individuals need to complete Form T1036 and include it with their personal income tax return. The form can be obtained from the CRA's website or by contacting their helpline.

What is the purpose of home buyers39 plan hbp?

The purpose of the Home Buyers' Plan (HBP) is to help first-time home buyers in Canada by allowing them to access a portion of their RRSP funds without incurring tax penalties. The program aims to make homeownership more affordable and accessible.

What information must be reported on home buyers39 plan hbp?

When filing for the Home Buyers' Plan (HBP), individuals must report their RRSP withdrawal amount, their RRSP account information, and the details of their intended home purchase or construction.

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