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Is this guide for you?
/ y- S9 I* J/ M eUse this guide if you want information about the rules that9 r, y" @/ R' ^1 s6 U
apply to the Home Buyers’ Plan (HBP).
# E. }6 T4 k# v+ z% b1 L( {What is the HBP?
3 b" g3 c( U" SThe HBP is a program that allows you to withdraw up
z0 E \& S! E3 \3 I' E1 Sto $20,000 from your registered retirement savings plans
" D& T# E5 L9 N3 `! L( f(RRSPs) to buy or build a qualifying home. However, the; J3 }+ [7 {$ z
program sets out certain conditions for participation. If an
# }0 P" S6 P8 j5 Tindividual meets all the applicable HBP conditions, the- B+ [" g( U z4 s0 x
withdrawals will not have to be included in his or her W% q7 `& `. @3 x0 g, r& ^$ R
income, and the RRSP issuer will not withhold tax on these, B7 L- n' x+ K: s+ [4 i! \% t. z
amounts. If you buy a qualifying home with your spouse or) d! v- w! x+ J- `/ C4 x' ^
common-law partner, or with other individuals, each of
: |8 b! K. s( [) O v. @& Uyou can withdraw up to $20,000. P' P, h6 W) w4 }: d; t
Under the HBP, you have to repay all withdrawals to your6 i9 a0 z+ P7 d
RRSPs within a 15-year period. Generally, you will have to- X% Q7 X9 J, _. l- ]: @
repay an amount to your RRSPs each year, starting the& }. H4 ^; K) y6 B
second year after the funds are withdrawn, until you have$ J( N2 V7 D$ J) B
repaid the total amount you withdrew. If you do not repay& b6 Z5 G G) T6 B: \* c2 @" |; [! \
the amount due for a year, it will have to be included in' ]3 h! t; K- x* [
your income for that year. |
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