## HYSA ### When - Written agreement to buy with acquisition date (officially close on property) before Oct 1 of the year following date of withdrawal - Not acquired home more than 30 days before making withdrawal - WS will ask questions, but should be fine as long as sale is confirmed ### Steps - Fill out form [RC725](https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/rc725.html) and give to issuer . ## RRSP ### When https://www.reddit.com/r/PersonalFinanceCanada/comments/mr2x3l/case_for_using_wealthsimple_rrsp_in_route_to_home/ In terms of timing, you have to withdrawal the funds within 30 days of the close date. The funds can take up to 5 business days to show up in your bank account. If you need the cash to fund the downpayment as I did, that means to get started at least a couple of weeks before your visit to the notary. You can withdraw once there is a signed agreement to purchase the home ### Steps - Fill form [T1036](https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1036.html) - The CRA will send you an HBP account statement with the total amount owing, and the minimum payment due. Your HBP account balance is also shown on your Notice of Assessment, and your MyAccount information with CRA. You can also contact CRA at 1-800-959-8281 to inquire about your HBP balance. - You’ll need to report the repayment on Schedule 7 and submit with your T-1 General Income Tax Return. You must make the annual minimum payment but you are also welcome to do further repayments in order to reduce it quicker. - Wealthsimple has mostly prefilled forms and a simple process