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Is this guide for you?# ]; {- ~: O! U3 d5 t, J
Use this guide if you want information about the rules that% j% |' i) ~' ?* d, }+ e7 z3 B
apply to the Home Buyers’ Plan (HBP).& j4 a: g ^6 M
What is the HBP?
) C% o( G( U' F# c2 Q2 iThe HBP is a program that allows you to withdraw up$ T: ^ l) u' N% g; z. M3 K6 ^
to $20,000 from your registered retirement savings plans
2 y1 w# i: {* t& d, h5 p! V(RRSPs) to buy or build a qualifying home. However, the) e" f" B: Q! _- x' l* x
program sets out certain conditions for participation. If an/ M: A3 u5 g1 a: @. ~
individual meets all the applicable HBP conditions, the
* a2 n, E7 K2 b. @9 R& Twithdrawals will not have to be included in his or her
/ j5 U G/ L! k; }: z. f* m# Jincome, and the RRSP issuer will not withhold tax on these
. E8 E" Y) ]$ r; N2 [9 e4 E# aamounts. If you buy a qualifying home with your spouse or
f) y& D/ T% d, v. Acommon-law partner, or with other individuals, each of: g% r' t) C5 }4 Z
you can withdraw up to $20,000.
$ l" o L' W2 f; j. cUnder the HBP, you have to repay all withdrawals to your6 S$ N2 {" l% Y" {0 c
RRSPs within a 15-year period. Generally, you will have to
" _7 P2 X- M' W% s! R' xrepay an amount to your RRSPs each year, starting the
. W# g, q, E p0 _1 P4 Z# J* bsecond year after the funds are withdrawn, until you have6 ~' q/ T9 e; u
repaid the total amount you withdrew. If you do not repay$ p% w4 }& _/ S6 n( G! k5 p. ~
the amount due for a year, it will have to be included in
6 M; f- d, i3 byour income for that year. |
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发表于 2004-9-8 07:23
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