 鲜花( 0)  鸡蛋( 0)
|
Is this guide for you?4 p h0 v5 ^# M z) B
Use this guide if you want information about the rules that. R v2 `3 F, A* q$ c$ c: P
apply to the Home Buyers’ Plan (HBP).
; G$ Y5 S# ]. nWhat is the HBP?$ _: c; h) b/ L1 [% Q, ^# i' y6 N) F& r
The HBP is a program that allows you to withdraw up! v/ \$ f) s$ ~5 n2 b
to $20,000 from your registered retirement savings plans% B- V; ?+ E! J# Y" P4 P
(RRSPs) to buy or build a qualifying home. However, the
+ \: y& ~" b( T# F" H9 w" B3 K ?program sets out certain conditions for participation. If an
, s: h2 u0 o2 p) _2 m: e7 { |% Oindividual meets all the applicable HBP conditions, the T% q- V& n5 \+ O
withdrawals will not have to be included in his or her
" s! k4 }1 l0 L3 Aincome, and the RRSP issuer will not withhold tax on these
5 [: Q* `* f, kamounts. If you buy a qualifying home with your spouse or# \, y' X" b6 F% `: r
common-law partner, or with other individuals, each of
& X& X# A! n. K/ \" v0 O0 {you can withdraw up to $20,000.- c W" _, z' `1 i( X$ ~0 V8 o2 F
Under the HBP, you have to repay all withdrawals to your
7 |5 a% w4 {) i4 p3 O# pRRSPs within a 15-year period. Generally, you will have to/ S4 I$ |' f( { S' n( T! C: v
repay an amount to your RRSPs each year, starting the9 S* h6 b( s' w$ [) e( k4 J# N. `8 H
second year after the funds are withdrawn, until you have
3 k" B7 a7 k- F$ j" M, s: grepaid the total amount you withdrew. If you do not repay
+ E# d( q5 \+ s2 F% Sthe amount due for a year, it will have to be included in4 y k( @& v+ S
your income for that year. |
|