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Courses/Accounting & Tax/Personal Tax

Home Buyers’ Plan: RRSP Withdrawals for First-Time Buyers

Maximize your homeownership dreams by mastering RRSP withdrawals. Learn to strategically leverage your savings, understand the new $60,000 limit, and navigate crucial repayment rules.

Created byMaple Ledger Institute
5.0
(21 reviews)
BeginnerUpdated Dec 1, 2025
Home Buyers’ Plan: RRSP Withdrawals for First-Time Buyers

What You'll Learn

check_circleUnderstand HBP eligibility for first-time buyers.
check_circleLearn the updated $60,000 HBP withdrawal limit.
check_circleGrasp the 89-day rule for RRSP contributions.
check_circleComprehend the 15-year HBP repayment schedule.
check_circleIdentify HBP tax implications and reporting duties.
check_circleNavigate HBP rules for non-residents and death.

About This Course

Unlock the power of your RRSP to achieve homeownership with "Home Buyers' Plan: RRSP Withdrawals for First-Time Buyers." This comprehensive course is meticulously designed for working professionals seeking a deep understanding of how to leverage the Home Buyers' Plan (HBP) to finance their first home. Navigate the complexities of eligibility, withdrawal mechanics, repayment obligations, and critical tax implications with confidence.

Upon completion of this course, you will be able to:

  • Understand HBP eligibility criteria, including the updated definition of a "first-time buyer," provisions for persons with disabilities, and the nuances of partner-based eligibility.
  • Master the withdrawal process, from completing Form T1036 and understanding the $60,000 withdrawal limit (effective April 16, 2024), to avoiding immediate withholding tax.
  • Grasp the critical "89-day rule" to correctly calculate non-deductible RRSP contributions and ensure tax compliance.
  • Navigate the mandatory repayment schedule, including the temporary repayment relief for recent withdrawals, the mechanics of early and partial repayments, and the tax consequences of missed payments.
  • Identify contributions that do not qualify as HBP repayments and understand specific exclusions.
  • Understand the impact of life events like death, relationship breakdown, or non-residency on your HBP obligations and learn how to manage them.
  • Master the crucial reporting requirements on Schedule 7, ensuring accurate annual tax filings and compliance with Canada Revenue Agency guidelines.

This course ensures you can skillfully leverage your RRSP assets for a down payment or home purchase, preserving the long-term tax advantages of your retirement savings while successfully navigating the path to homeownership.

Your Instructor

Maple Ledger Institute
Maple Ledger Institute

Advancing Accounting Excellence Across Canada

menu_book11 courses
star89 reviews

Maple Ledger Institute provides continuing professional development for Canadian accountants, finance teams, and advisory professionals. Our programs are designed to align with CPA provincial body requirements, covering evolving standards in assurance, taxation, financial reporting, and ethics. We specialise in delivering practical, up-to-date CPD that reflects the realities of Canadian regulatory frameworks and the rapidly changing financial landscape.

Credit Information

Do these courses count toward my professional development requirements?

This portal is provided as a training and development resource for City of Markham employees. Every course is delivered by a qualified subject matter expert or learning organization, is quantifiable in hours, and is verifiable — you receive a documented certificate of completion for every course you finish, stored on LearnFormula indefinitely.

If you hold a professional designation (for example in engineering, accounting, human resources, or law), courses may be counted as professionally relevant, verifiable learning activities toward your continuing professional development. Individual practitioners are responsible for confirming that an activity meets the requirements of their professional body. For questions about the City of Markham's training and development policies, please speak with your people leader or Human Resources.

What Students Are Saying

5.0
Student's Choice
21 reviews

Frequently Asked Questions

We are a registered provider with 327+ associations and regulatory bodies worldwide. We operate across 29 global markets including Canada, the US, Australia, and the UK. Every course page clearly displays its specific accreditations. Upon completion, you receive a professional certificate that can be validated online. Our certificates include all necessary accreditation details, credit hours, and completion dates, and are formatted specifically to meet the submission requirements of most global regulatory bodies.