T1036 Form - For first-time homebuyers or people with disabilities
Who should use the T1036 Tax Form?
The T1036 form is used to withdraw money from your RRSP and to determine if you are eligible for the plan.
What kinds of questions are on the Canadian Home Buyers’ Plan form?
In order to be able to participate in the Home Buyers’ Plan (HBP), you will be asked if you will be using the money as a first-time homebuyer, as a person with a disability or for a person with a disability. The HBP can be considered a type of disability tax credit which you can use. In addition, you have to be a Canadian resident and you must intend to make the home your principal place of residence or the principal place of residence of a person with a disability.
Can I apply for the HBP only once?
No, you can apply many times but when you apply again, all the money you took out previously must have been repaid in full at the beginning of the calendar year.
How much money can I get?
It depends how much you have in your RRSPs. As part of the home tax deductions, you can withdraw up to $25,000 towards buying or building your home. You have up to 15 years to repay the amount to your RRSP and you must start repayments the second year after the purchase.