Certain tax rules governing the Home Buyers' Plan (HBP) and the Lifelong Learning Plan (LLP) have been relaxed with respect to amounts that are withdrawn from a registered retirement savings plan (RRSP) for the benefit of a person with a functional impairment.

Home Buyers' Plan (HBP)

The HBP allows you to withdraw up to $35,000 from your RRSP in a single calendar year to purchase or build a qualifying home.

To be eligible for the HBP, you must, generally, be a first-time home buyer. However, this rule does not apply if:

• you are a person with a disability and purchase or build a qualifying home for yourself
• you purchase or build a qualifying home for a related person with a disability
• you help a related person with a disability purchase or build a qualifying home

In all cases, the home acquired must be better suited to the needs of the person with a disability or more accessible.

Lifelong Learning Plan (LLP)

The LLP allows you to withdraw amounts from your RRSP to finance training or education for you or your spouse.

To withdraw an amount under the LLP, the student (you or your spouse) must meet certain requirements including being enrolled in full-time studies. This rule does not apply if the student has a severe and prolonged impairment in mental or physical functions as certified by a healthcare professional.