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Is this guide for you?. y& U5 j. {, J2 q; E% }1 U; w, ~
Use this guide if you want information about the rules that
# P! p! ]2 \+ _7 lapply to the Home Buyers’ Plan (HBP). k1 [9 B1 g3 u' N
What is the HBP?
6 J2 w2 c2 _& \( l6 V+ XThe HBP is a program that allows you to withdraw up% |- s2 \3 D4 y) `+ y# X1 h
to $20,000 from your registered retirement savings plans
: G9 N3 {* K( a(RRSPs) to buy or build a qualifying home. However, the6 ~. ~! V& B7 F a2 c% k* W
program sets out certain conditions for participation. If an
0 ?$ ]) h5 F3 t8 {+ I" uindividual meets all the applicable HBP conditions, the
. I& C/ a: D( R6 ], v Uwithdrawals will not have to be included in his or her/ s y5 `$ x* D4 Y. u9 T; K
income, and the RRSP issuer will not withhold tax on these
, z) }; p( |2 ?/ S$ t! Gamounts. If you buy a qualifying home with your spouse or
1 L3 b' y! E, a* K* w' t) F) [common-law partner, or with other individuals, each of
2 L' g$ M8 b4 J0 Q% ~. xyou can withdraw up to $20,000.. L" } Z+ H. \- ]
Under the HBP, you have to repay all withdrawals to your
) V* k2 T. N0 W, q! Z$ K2 s6 M" vRRSPs within a 15-year period. Generally, you will have to, @" l$ t+ o2 W4 L3 v$ z! b* G
repay an amount to your RRSPs each year, starting the
/ |' }! ?' r% C% O$ A/ Msecond year after the funds are withdrawn, until you have
# ]8 D+ X7 ] w: K7 m/ L0 Hrepaid the total amount you withdrew. If you do not repay
Z; t; C' Z) ?. J, m1 @7 v1 pthe amount due for a year, it will have to be included in
. C# I* J3 L3 @, x A1 C- `9 gyour income for that year. |
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发表于 2004-9-8 07:23
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