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Is this guide for you?
, z; D/ `/ b9 D- ~7 D3 pUse this guide if you want information about the rules that
F5 H3 ]- b8 T- R: Eapply to the Home Buyers’ Plan (HBP).
4 ]6 j5 W( g3 u3 G" X# A; I( MWhat is the HBP?
2 _/ U& g: z! n$ ~! R4 X- _The HBP is a program that allows you to withdraw up
# l; n# w2 Q# E+ y, d& I( `to $20,000 from your registered retirement savings plans$ H& f. L+ V8 V8 Q) B- J" s1 S
(RRSPs) to buy or build a qualifying home. However, the
7 A" N: e. ]" s; C6 H. L) |: M9 Kprogram sets out certain conditions for participation. If an9 a4 ~9 [; A: Y/ h" m! Z
individual meets all the applicable HBP conditions, the* C% \, ? I8 R3 n( w
withdrawals will not have to be included in his or her
1 \+ O- Y: {' S2 k( B G. T) I8 _income, and the RRSP issuer will not withhold tax on these, d1 X9 O& y0 L
amounts. If you buy a qualifying home with your spouse or
h: O; Q; U5 b- H$ }' Q4 y/ wcommon-law partner, or with other individuals, each of2 d8 K3 h- \( V( e4 J
you can withdraw up to $20,000.
- P" z9 V+ p, l2 x/ n2 D! xUnder the HBP, you have to repay all withdrawals to your
- F& M ^3 ?- T* RRRSPs within a 15-year period. Generally, you will have to* R. G( \$ G! V/ `& |; o5 O
repay an amount to your RRSPs each year, starting the! @1 e3 }; E8 [, C. m& j7 X
second year after the funds are withdrawn, until you have/ n3 I9 v8 e0 Y
repaid the total amount you withdrew. If you do not repay3 ~7 v$ I( C& C0 m5 z
the amount due for a year, it will have to be included in
+ A2 Y4 h0 b) |. ?your income for that year. |
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