Wednesday, December 13, 2017 15:09

Financial-Advisor-Video4

Q. Who Reports the withdrawal of RRSP funds under the Home Buyers’ Plan?

A. it’s actually a very simple process. There is a one page form called a T-1036 that is generally completed with the RRSP provider. The information you are asked on the form essentially assures that you are an eligible home buyers participant like do you have a written agreement, are you a resident of Canada. That form is signed by all people who are looking to withdraw funds from the HBP Plan, and then the RRSP provider will submit form to Revenue Canada on your behalf. Revenue Canada will then send you a letter 12-18 months after your date of withdraw letting you know how much you need to start paying back and when. It is then your responsibility to start paying back that money, and that is a simple process of recontributing money that you have withdrawn from a RRSP back to a RRSP.

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