To withdraw money from your RRSP savings, you first need a T1036 form: 'Request to Withdraw Funds from an RRSP under the Home Buyer's Plan' (HBP). You can download this form from the Canada Revenue Agency here. You'll need to give the completed form to the RRSP issuer and meet the Canada Revenue Agency's conditions, which include:
- You must take advantage of the HBP in the same year you are ready to purchase your home
- You must not have participated in the program previously, nor owned a home within the last five years
- You must be a resident of Canada
- You must enter into a written agreement to buy or build a qualifying home
A full list of conditions can be found on the Canada Revenue Agency website.
To be eligible for the HBP, the RRSP contribution money must also be held in an account for at least 90 days prior to withdrawal.