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Is this guide for you?
; f* i0 f/ Q9 x9 j8 jUse this guide if you want information about the rules that
0 B: |3 D7 h8 A* u$ j) M. Uapply to the Home Buyers’ Plan (HBP)., b! H) X- X- B5 `( `1 ]
What is the HBP?
& Q$ f" y1 q" A f4 k' v# MThe HBP is a program that allows you to withdraw up1 t, q# P1 i9 ^0 L
to $20,000 from your registered retirement savings plans3 O) i3 o; p S9 }3 h# T* U0 Q
(RRSPs) to buy or build a qualifying home. However, the8 W( L b$ A& X3 X, G) P# j% c
program sets out certain conditions for participation. If an
$ e9 p, A% l' l4 Z t( G8 Yindividual meets all the applicable HBP conditions, the8 N1 g, t) Z% E& Y* W
withdrawals will not have to be included in his or her
/ O/ K# s% B, Q# L- s+ z' Bincome, and the RRSP issuer will not withhold tax on these
( g0 u+ F, w1 v. E4 U# d6 Damounts. If you buy a qualifying home with your spouse or
; h) k5 \/ M( |# \common-law partner, or with other individuals, each of
/ Z! U0 T( |3 u Y* h+ ]you can withdraw up to $20,000.
/ C+ W" a' b! j8 h' JUnder the HBP, you have to repay all withdrawals to your8 D' R t3 a) C+ A3 ]
RRSPs within a 15-year period. Generally, you will have to; ~/ l$ U, q$ x
repay an amount to your RRSPs each year, starting the
) F& x8 F* K' n4 j2 f8 p# Xsecond year after the funds are withdrawn, until you have+ t j# {% ?. O$ T0 q
repaid the total amount you withdrew. If you do not repay# O$ \& n4 x* ^) [9 g
the amount due for a year, it will have to be included in
% c) R+ @3 `# a( E3 r% Hyour income for that year. |
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发表于 2004-9-8 07:23
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