Homebuyer's Withdrawal

Here are some of the steps involved in making a home buyer's withdrawal.

First of all, make sure you are eligible: Conditions for participating in the HBP

To withdraw for the First-Time Homebuyer's Plan, you will need to complete the Homebuyer's Withdrawal form --> T1036

(REMINDER: Don't forget to send us a MKYC form to update your address once you've moved.)

You can fax these forms to your ScotiaMcLeod Wealth Advisor, but he/she must receive the originals by mail before a cheque can be issued.

We will have to sell appropriate amounts of your current mutual fund or investment holdings to facilitate the withdrawal. There may fees or commissions involved in selling your positions. Mutual funds may have deferred sales charges and many other securities have sales commissions. Ask us and we will calculate these in advance for you.

We can take funds from both a regular and/or a spousal account.

Once the funds have been converted into cash we can issue a cheque. It usually takes about a week for this type of transaction, but we can speed up delivery of the funds with instructions for direct deposit to your bank account (there is a $17 charge to wire to non-Scotia Bank Accounts).

One of the better resource guides is Invesco's HBW guide.

For more information on the Homebuyer's Plan, please visit the CRA website:

Please contact your ScotiaMcLeod Wealth Advisor directly for more information or for investment advice tailored to your personal situation.

The information contained on this website is for use by persons resident in Canada only.