Personal Finance

How quick can I get funds from HBP?

  • Last Updated:
  • Jul 15th, 2018 1:38 pm
[OP]
Member
Dec 26, 2015
266 posts
79 upvotes
Manitoba

How quick can I get funds from HBP?

Filling out the form it asks for when I want the funds to be withdrawn. Whats the soonest I can put? I take posession in the next week, can I put it for a week from now? A month?
10 replies
Member
Jan 1, 2009
389 posts
91 upvotes
90 days from contributing to an rrsp to take out for the home buyer plan....
Sr. Member
Jul 15, 2003
548 posts
113 upvotes
GTA, Ontario
If your question is how close to closing you can get it, the answer is any time. The government doesn't care if you use these funds for down payment, closing, furniture, etc.
[OP]
Member
Dec 26, 2015
266 posts
79 upvotes
Manitoba
I guess my question is more processing time. If I request it today, can I get it within a week or does it take longer?
Sr. Member
Nov 6, 2015
649 posts
246 upvotes
Guelph, ON
I suspect it depends on the financial institution. I did this with Tangerine and I think it took about a week or maybe somewhat less - I gave myself plenty of time so I didn't pay that close attention. You might want to ask your financial institution what their average processing time is.
Deal Addict
Apr 2, 2010
1393 posts
600 upvotes
GTA
JoeBlack23 wrote:
Jul 13th, 2018 12:02 am
I suspect it depends on the financial institution. I did this with Tangerine and I think it took about a week or maybe somewhat less - I gave myself plenty of time so I didn't pay that close attention. You might want to ask your financial institution what their average processing time is.
Did tangerine charge you fees for the hbp
Also I assume it's from the RSP account since I don't see a rrsp branded account.
Sr. Member
Jul 15, 2003
548 posts
113 upvotes
GTA, Ontario
martydxb wrote:
Jul 13th, 2018 6:08 am
Did tangerine charge you fees for the hbp
Also I assume it's from the RSP account since I don't see a rrsp branded account.
There shouldn't be a fee for this. I did this about 3 years ago though. I pulled from my Tangerine RSP account and marked the withdrawal for HSP and there is no withholding tax/fees. I do forget how long it took though. About a week is probably fair (if it is from the same financial institution, it should be quicker).
Newbie
Aug 26, 2007
54 posts
23 upvotes
Vancouver
I would just put it in today, and it'll just happen as soo as it can happen. That field should only really matter if you want to delay the deposit for some reason.
Sr. Member
Nov 6, 2015
649 posts
246 upvotes
Guelph, ON
martydxb wrote:
Jul 13th, 2018 6:08 am
Did tangerine charge you fees for the hbp
Also I assume it's from the RSP account since I don't see a rrsp branded account.
There was no fee.

It's actually annoyed me that they called it "RSP" instead of "RRSP" because it makes one wonder if it really is a Registered Retirement Savings Plan as defined by CRA. Without one of the R's it implies it is either not Registered (and thus just an account that they call "Retirement" but has no status under CRA) or it's under some other "registered" auspice but not as an RRSP. I did finally find in the small print that it is an RRSP though.
Deal Addict
Apr 2, 2010
1393 posts
600 upvotes
GTA
JoeBlack23 wrote:
Jul 13th, 2018 8:36 pm
There was no fee.

It's actually annoyed me that they called it "RSP" instead of "RRSP" because it makes one wonder if it really is a Registered Retirement Savings Plan as defined by CRA. Without one of the R's it implies it is either not Registered (and thus just an account that they call "Retirement" but has no status under CRA) or it's under some other "registered" auspice but not as an RRSP. I did finally find in the small print that it is an RRSP though.
Thanks for the detailed clarification... That's exactly what trips me up about the account name. Now I know.

Imagine how much business these guys are loosing out on because of the poor branding of the account.
Newbie
Feb 27, 2012
12 posts
1 upvote
Vancouver, Canada
I recently Did two withdrawals, One from Tangerine and other from Questrade. Tangerine processed it in 2 business days and Questrade took a week.

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