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 us at 416-863-7479, to initiate the process, but we will require the originals by mail before we are able to issue a cheque.
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 feel free to email us or contact our service centre at 416-863-7777 or 1-800-387-9273 with any questions.
ScotiaMcLeod is a division of Scotia Capital Inc., member of CIPF.
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