What is the Home Buyers Plan (T1036)?

The Home Buyers’ Plan (HBP) is a federal program that gives first‑time buyers a chance to use money from their RRSP or RSP to help purchase a home — without paying tax on the withdrawal. Each person can take out up to $60,000, so if you’re buying with a partner, together you could access as much as $120,000.
 

Repayment happens gradually over 15 years. Normally, you’d start repaying two years after your withdrawal, but if you take money out between January 1, 2022 and December 31, 2025, you’ll have five years before repayments begin.
 

To get started, you’ll need to complete the T1036 form (Home Buyers’ Plan Request to Withdraw Funds). Once it’s filled out, you can send it to Tangerine by mail or fax.
 

Processing usually takes just a few business days once the form is received, so it’s a good idea to plan ahead.

More information on the HBP , including the form, is available on the Canada Revenue Agency website.

We also have these helpful articles:

• How Does the RRSP/RSP Home Buyers' Plan Work?
  
  
• What's the best way to pay back your Home Buyers' Plan withdrawal?