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Is this guide for you?. }2 T9 b _4 E- U7 L* I7 z" u
Use this guide if you want information about the rules that
# o9 O/ W: e: V/ Fapply to the Home Buyers’ Plan (HBP)./ j, @% \5 l% ]' [: @0 T' e
What is the HBP?- U: m) A: V/ L$ I" U3 I
The HBP is a program that allows you to withdraw up7 y$ V# ^3 A: w# ^; }$ h0 \8 ]9 [6 N
to $20,000 from your registered retirement savings plans4 h& E5 s1 J0 _6 Z) e) t0 X
(RRSPs) to buy or build a qualifying home. However, the
) Y* Y5 ~3 i, mprogram sets out certain conditions for participation. If an
3 H& S8 _1 ^, B f+ E/ _individual meets all the applicable HBP conditions, the* M( C+ {7 v3 {) o9 L% y( E
withdrawals will not have to be included in his or her
9 ^/ e* |4 Q( h# z& Uincome, and the RRSP issuer will not withhold tax on these% z4 K; W! [1 \
amounts. If you buy a qualifying home with your spouse or
2 f. k/ Z7 _( P( @3 scommon-law partner, or with other individuals, each of
# b( v% u) X1 S9 j% a' @+ ~0 yyou can withdraw up to $20,000.
# H4 D' V# C) P) B1 c, wUnder the HBP, you have to repay all withdrawals to your
P% g* }' H5 JRRSPs within a 15-year period. Generally, you will have to
* j" t! _9 ]# V5 Nrepay an amount to your RRSPs each year, starting the* G. `+ [+ `3 x# ], l$ d4 B
second year after the funds are withdrawn, until you have
7 M4 t3 d5 ]. [3 g- ^, e+ urepaid the total amount you withdrew. If you do not repay& D9 \ M k0 o2 V/ @+ n6 E) m
the amount due for a year, it will have to be included in+ }/ t' x% a+ M0 O. f% c* ^
your income for that year. |
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发表于 2004-9-8 07:23
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