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Is this guide for you?" S$ `# Q$ x+ u; h
Use this guide if you want information about the rules that
' w9 X; E1 h4 V4 }1 wapply to the Home Buyers’ Plan (HBP).
5 k$ j3 y/ u. xWhat is the HBP? @+ z3 e) U0 I
The HBP is a program that allows you to withdraw up5 p/ S+ _; l6 K' H
to $20,000 from your registered retirement savings plans
/ u, `$ f7 D2 Y+ l; y5 Q: U. e* M; j0 p(RRSPs) to buy or build a qualifying home. However, the. X* U8 K5 n' c: Q" b
program sets out certain conditions for participation. If an' z. Q, y# I9 G0 m7 n
individual meets all the applicable HBP conditions, the: U, |- Q1 F( N# {
withdrawals will not have to be included in his or her2 C, `" a( o$ u- j. o( y
income, and the RRSP issuer will not withhold tax on these$ t: |" U$ v1 P" X- s
amounts. If you buy a qualifying home with your spouse or9 }; B/ u* n( J4 x# C
common-law partner, or with other individuals, each of
, c5 s' `2 [8 @5 }; Nyou can withdraw up to $20,000.
* t7 m3 h* A" p3 D/ R7 i+ U: Z8 rUnder the HBP, you have to repay all withdrawals to your
. Z" ?$ T& {. iRRSPs within a 15-year period. Generally, you will have to9 I6 x. z) b6 d& V
repay an amount to your RRSPs each year, starting the
, D% y7 ~ d, T8 }! q( Z, D Usecond year after the funds are withdrawn, until you have; D3 b+ o$ a l v. C
repaid the total amount you withdrew. If you do not repay
/ t4 x- ]3 a; P) @8 D( Cthe amount due for a year, it will have to be included in2 q1 z4 P' |$ z/ \
your income for that year. |
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发表于 2004-9-8 07:23
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