Applies To:
- All Portfolio Managers, Advisors, Wealth Planners, and support staff.
- Eligible account types: RRSP and Spousal RRSP accounts.
You can submit a Home Buyers' Plan Withdrawal request from a client’s CRM Contact Record. Follow the instructions below to ensure all eligibility requirements, financial details, and withdrawal information are accurately completed.
Important: Please note that withdrawals of this nature require to be submitted by 1PM Wednesday in order to be reviewed and processed in time for the model trades for that particular week.
When to Submit a Home Buyers' Plan Withdrawal request:
- The client is a first-time homebuyer and wants to withdraw funds from their RRSP to purchase or build a qualifying home.
- The client meets the eligibility requirements set by the Canada Revenue Agency (CRA) for HBP withdrawals.
- The withdrawal request does not exceed the maximum allowable limit under the Home Buyers’ Plan.
How to Submit a Home Buyers' Plan Withdrawal Request
To submit a Home Buyers' Plan Withdrawal request, you'll use the Service Extension on the client's CRM Contact Record. When submitting the request, there are two distinct submission methods and workflows: Wet Signature, which involves downloading the pre-populated document and getting it physically signed. Electronic Signature, which automatically generates the required forms and sends them to the client through DocuSign.
Although both methods are valid, we strongly recommend using Electronic Signature whenever possible for real-time tracking, reduced errors, and faster turnaround times.
Learn more about Wet Signature Flexibility
How to Submit a Home Buyers' Plan Withdrawal Request
- Navigate to the Client's CRM Contact Record
- Go to the Servicing Tab
- Select "Account Administration → Special Account Requests
- Select "Home Buyers' Plan" as your request type
- Select the Target Account
- Select the Offset Account
- Select the Bank
- Select the appropriate submission option, either Wet Signature or Electronic Signature.
- Enter the Home Buyers Information:
- A series of Yes/No questions will guide the eligibility assessment for an HBP withdrawal. Each response will determine the next question displayed, ensuring the client meets the necessary qualifications.
- Next, you will be prompted to enter additional details, including the date, qualifying home address, withdrawal amount, and telephone number in the provided fields.
- Review and Submit
- Once you confirm the details, click Submit to create the service request ticket.
Please note: After submitting your request, the system will automatically create a ticket and send the paperwork directly to your client via DocuSign for electronic signatures.
If you select the wet signature option, you'll need to download the pre-populated forms for your client to sign manually.
After Submitting the Request
A new service request ticket will be created. You can locate it:
- In the Right-Side Panel of the client's CRM Contact Record under Tickets.
- In the Account Administration Pipeline, where you can track the progress and confirm when the request is completed.
Processing Times
- Typically 1-2 business days after the ticket has been submitted and completed any applicable review.
Important: After the ticket is completed and approved by the team, you will need to submit a new Withdrawal ticket under the Cash and Securities tab to finalize the withdrawal process.