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Is this guide for you?, O5 l4 e& r' T2 ]* J
Use this guide if you want information about the rules that
3 s, K8 q' Z2 ~' d% eapply to the Home Buyers’ Plan (HBP).
7 r5 C5 P; b; d0 Q: S$ y% AWhat is the HBP? w: Y; M) b1 K- K+ H
The HBP is a program that allows you to withdraw up' b) e/ L, ?; _9 k- ?" M( i
to $20,000 from your registered retirement savings plans8 B& V$ n; L$ U- L/ N, N7 c5 D
(RRSPs) to buy or build a qualifying home. However, the
, W$ U6 n& ^3 L% M! l! d+ iprogram sets out certain conditions for participation. If an
6 n# T' Z* M4 y$ Jindividual meets all the applicable HBP conditions, the
4 g9 }, X2 B1 ?1 X0 H& vwithdrawals will not have to be included in his or her
" ~! O! R @) h ]( U5 ?6 L- cincome, and the RRSP issuer will not withhold tax on these
) Y: a- ~% I5 F# a3 R' x( r$ damounts. If you buy a qualifying home with your spouse or
0 U' [/ L* c. R7 |common-law partner, or with other individuals, each of
A6 x# a' z, w3 ?* X9 E. `you can withdraw up to $20,000.9 I. _$ p& E; d5 v0 G2 H g5 P& e( z
Under the HBP, you have to repay all withdrawals to your
5 H" o* m6 s5 {3 O8 |0 zRRSPs within a 15-year period. Generally, you will have to
* Q* c/ i1 V# C6 D; d0 J; o7 Xrepay an amount to your RRSPs each year, starting the, v$ N$ B% c/ Z! L( d; t" a
second year after the funds are withdrawn, until you have
2 ]* A3 N+ H" t. M) {% J: y% irepaid the total amount you withdrew. If you do not repay9 D1 E0 [' Z5 q( t7 r* S N$ c
the amount due for a year, it will have to be included in
7 |3 e8 A! c6 o3 ayour income for that year. |
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