Regulations, or the Frequently Asked Questions — HBP page. You should make every effort to keep all records of your HBP withdrawals in a secure location. You must also keep other records, including the name and address of each person who received the payments from your RESP account.
If the total value of your withdrawals is less than 10. The amount is less than 10 because it is less than the amount on the statement in Part A.
You may have to pay income tax on the difference between: the total value of the HBP payments from your RESP and the total value of the payments you have received from your RESP.
You are paying more than 250 for the HBP payments or your RESP is a qualifying HBP plan for HBP payments.
If you are paying more than 500 for the HBP payments, or the RESP is a qualifying HBP plan for HBP payments. You should receive the first HBP payment when you reach age 71.
You were age 63 when you requested the money from your RESP but are not yet age 71.
The HBP payments are a non-taxable benefit from the funds in your registered retirement savings plan (RESP) that you have invested in a registered pension plan (RPP). To withdraw money from your RESP, your RESP must allow you to make HBP withdrawals. See Guide RC4135, Home Buyers' Plan (HBP) Regulations, for important information about registered retirement savings plans (Rasps) and Tries.
To withdraw from your RESP, your RESP is required to offer the option to withdraw your HBP payments. If your RESP does not offer this option, you must obtain a letter from your RESP providing the details.
You may also be able to obtain a free tax receipt (Form RC6065) for the HBP payments you have received. You can get this in several ways. A direct deposit can also be used to obtain a tax receipt.
You can also request a tax receipt by completing Form RC6065, Request for Tax Return Receipt, and sending it to the CRA.
You may be able to obtain a free tax receipt by completing Form RC6065, Request for Tax Return Receipt, and mailing it to the CRA.
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CLEAR BUTTON HOME BUYERS' PLAN (HBP) REQUEST TO WITHDRAW FUNDS FROM AN RESP Use this form to make a withdrawal from your registered retirement savings plan (RESP) under the Home Buyers' Plan (HBP).
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