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 Home Buyer Plan (HBP).
What kinds of questions are on the Canadian Home Buyers’ Plan form?
In order to be able to participate in the (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 that 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. You will be eligible for another HBP if you didn’t own a home in the year of withdrawal or the previous 4 years.
How much money can I get?
It depends on how much you have in your RRSPs. As part of the home tax deductions, you can withdraw up to $35,000 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.
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