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Is this guide for you?4 A- V) A1 j, \9 [( {1 G( u
Use this guide if you want information about the rules that
" M o4 x4 y8 _2 Gapply to the Home Buyers’ Plan (HBP).7 r: F+ X/ C# \3 }2 _) z, a0 M; a
What is the HBP?& {) G8 c+ n( }6 |: P
The HBP is a program that allows you to withdraw up l6 H! _/ f: j1 f3 T7 ~3 k- ~2 x
to $20,000 from your registered retirement savings plans
- a1 R" P5 ~' y( ~ P. j, z(RRSPs) to buy or build a qualifying home. However, the X) g( y4 D1 o5 W6 D
program sets out certain conditions for participation. If an
; }: ^' t5 B& x6 T9 k; X: g/ i( Tindividual meets all the applicable HBP conditions, the6 }2 c6 _6 p- z1 u
withdrawals will not have to be included in his or her% w( X+ @9 j* Y I, g
income, and the RRSP issuer will not withhold tax on these
8 _9 R7 w/ `: C5 w# _' [amounts. If you buy a qualifying home with your spouse or
' F0 c( i9 i! X8 l6 z7 E; `- Ecommon-law partner, or with other individuals, each of
; e- _9 K: e, N; l. }% _you can withdraw up to $20,000.
C, \, Z9 h2 p" a8 e4 M; tUnder the HBP, you have to repay all withdrawals to your
2 A, d% V) u- A& ?6 S: c0 v0 kRRSPs within a 15-year period. Generally, you will have to
1 ]' w* O+ j" x8 {6 }" prepay an amount to your RRSPs each year, starting the% E' Y: e; }! d5 v
second year after the funds are withdrawn, until you have$ u! p! p2 M8 d3 k) u$ @
repaid the total amount you withdrew. If you do not repay! y2 V _: p8 |1 [& a4 e* O" U5 P
the amount due for a year, it will have to be included in, }8 _6 K- c" T7 k& \& e( d1 M+ G c
your income for that year. |
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