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Is this guide for you?: N# o3 \; U- T: u! j* `" S
Use this guide if you want information about the rules that
4 _* w9 `- W( C8 a% e$ [4 fapply to the Home Buyers’ Plan (HBP).
4 z( M8 P3 e V B3 K. k' Z% ~% U/ @What is the HBP?7 q) T( H* F4 ]; Z' D# K9 f; A
The HBP is a program that allows you to withdraw up% u# n) E M6 C, q. {) e' p
to $20,000 from your registered retirement savings plans4 r) S* I9 \7 W
(RRSPs) to buy or build a qualifying home. However, the
6 ^) h7 L; K) ]( v6 k) kprogram sets out certain conditions for participation. If an/ f% P0 g: B* L( a) ?7 Z
individual meets all the applicable HBP conditions, the# V$ \. [ l# d" G# C. |
withdrawals will not have to be included in his or her0 r3 B$ q# a7 S/ F* I' ^1 `
income, and the RRSP issuer will not withhold tax on these; U) [% L/ c. E& Z% ? A# A% t
amounts. If you buy a qualifying home with your spouse or
]; N3 r% U# @# \common-law partner, or with other individuals, each of+ d4 h- }6 _& y3 x
you can withdraw up to $20,000.
: G* |) H' r% `Under the HBP, you have to repay all withdrawals to your
8 n- t# ]6 O! X( s* g/ WRRSPs within a 15-year period. Generally, you will have to) q4 p. f/ y4 A: a% J6 C( U+ }# b
repay an amount to your RRSPs each year, starting the
) s6 M/ X: i) J5 z# Ssecond year after the funds are withdrawn, until you have
! A% u2 j3 ~' n2 {& i- e' d4 R& t7 Drepaid the total amount you withdrew. If you do not repay
s( K1 M. H+ [! f4 H6 p5 l, G4 ~the amount due for a year, it will have to be included in
/ h6 [( Q" }. h: E' s4 K+ ?your income for that year. |
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