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Is this guide for you?
' s/ {1 _: w5 G F8 O: KUse this guide if you want information about the rules that; W! P' N g' y/ I" a4 J5 A. K. w
apply to the Home Buyers’ Plan (HBP).
; ^7 D/ o. k C# r' s9 gWhat is the HBP?
1 v+ H, i& [+ B1 UThe HBP is a program that allows you to withdraw up
' E. Y# p. J' uto $20,000 from your registered retirement savings plans
1 _5 y* V( k( r$ G: e9 [5 y(RRSPs) to buy or build a qualifying home. However, the
# t! k! e7 i' Q% ^ P5 [program sets out certain conditions for participation. If an; B# k. l. @: @
individual meets all the applicable HBP conditions, the: m4 y& {1 v5 G* L; J
withdrawals will not have to be included in his or her/ i/ a! U4 c0 G* X. p& M4 |. m
income, and the RRSP issuer will not withhold tax on these
' o4 o4 ^0 v# \. s2 K! `amounts. If you buy a qualifying home with your spouse or
" R2 x8 x/ I0 B e1 Bcommon-law partner, or with other individuals, each of
% R; o; f0 E& Z2 \you can withdraw up to $20,000.3 J2 y% x$ _4 a% K; G8 ]6 |( k
Under the HBP, you have to repay all withdrawals to your
8 b) D1 f# \+ Q% Y; w# O3 S- RRRSPs within a 15-year period. Generally, you will have to" W; ~7 w5 t# `
repay an amount to your RRSPs each year, starting the0 G; K2 _, `0 i2 }& x
second year after the funds are withdrawn, until you have
. ]3 Z& `8 K$ i! b4 v7 m+ brepaid the total amount you withdrew. If you do not repay
3 X: O5 ~3 ]. H& \8 e- r6 sthe amount due for a year, it will have to be included in" Z: F/ o: N. V
your income for that year. |
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