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Is this guide for you?" V5 i7 H6 u( j* R4 S" f; E) p
Use this guide if you want information about the rules that
. h( O$ N7 a- n. b0 o8 v) o8 gapply to the Home Buyers’ Plan (HBP)./ n2 h9 E/ `- ?
What is the HBP? N4 N$ b# c. V- C1 j: i1 y6 }! F
The HBP is a program that allows you to withdraw up) X1 Y1 _+ Y6 ~: x5 w
to $20,000 from your registered retirement savings plans
5 P& Y% b$ a# g, K8 E, t(RRSPs) to buy or build a qualifying home. However, the$ W1 g: [6 Y6 _2 U/ D2 H" K3 _& R
program sets out certain conditions for participation. If an; s2 S4 N [) I2 ^+ K7 ?9 c
individual meets all the applicable HBP conditions, the, V) `# x! l; F! H6 Y" _. c
withdrawals will not have to be included in his or her0 d, O! `! @1 h
income, and the RRSP issuer will not withhold tax on these3 a( h, a# j! Z) C
amounts. If you buy a qualifying home with your spouse or; ~8 r& [% A# y; f2 j0 S5 c
common-law partner, or with other individuals, each of" l5 `* V" q1 P, W
you can withdraw up to $20,000.
+ O: p% m0 t+ f( cUnder the HBP, you have to repay all withdrawals to your+ T! X n/ g l$ `! V% y9 g$ e
RRSPs within a 15-year period. Generally, you will have to
3 H- F# y! b% ?repay an amount to your RRSPs each year, starting the
! r# m1 f1 b7 G; ysecond year after the funds are withdrawn, until you have
' I& E( d- R" V& F% ^0 A, n r2 j/ irepaid the total amount you withdrew. If you do not repay
. v/ W5 j1 y9 F8 R$ Z5 Sthe amount due for a year, it will have to be included in2 w: s7 L, a4 O
your income for that year. |
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发表于 2004-9-8 07:23
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