 鲜花( 0)  鸡蛋( 0)
|
Is this guide for you?- G$ i! R* Z" j# F. q4 X
Use this guide if you want information about the rules that
3 }$ y; s0 z5 j/ E/ Fapply to the Home Buyers’ Plan (HBP).
8 k2 p7 t# d7 \6 J+ ?, JWhat is the HBP?4 j- P+ `$ j* J/ h2 d) L. ]
The HBP is a program that allows you to withdraw up
& K* x9 v. F& O: H& e5 R tto $20,000 from your registered retirement savings plans
+ {/ H$ ~! |8 T9 j! Q/ @(RRSPs) to buy or build a qualifying home. However, the; t4 I0 v2 g7 {, V, A
program sets out certain conditions for participation. If an0 Y3 r& U& Y$ L0 m6 _3 \
individual meets all the applicable HBP conditions, the$ t" f4 D& ^3 z6 B5 u; Q
withdrawals will not have to be included in his or her3 ]* t5 u# Y: v- Y
income, and the RRSP issuer will not withhold tax on these2 O/ o+ l7 \/ X
amounts. If you buy a qualifying home with your spouse or
& a0 z4 _: z' ]common-law partner, or with other individuals, each of
: s6 x' ]1 ~8 lyou can withdraw up to $20,000.
8 f9 n* p* I- i' XUnder the HBP, you have to repay all withdrawals to your$ s; V U) h: C' D9 V" H4 E
RRSPs within a 15-year period. Generally, you will have to0 L6 v- L3 t# f" c5 U T" @
repay an amount to your RRSPs each year, starting the
. R W+ ^7 e3 E7 f5 \; } U5 lsecond year after the funds are withdrawn, until you have+ I, @; |3 [6 x5 o+ P
repaid the total amount you withdrew. If you do not repay
/ c& R9 L3 p- [/ e: m' zthe amount due for a year, it will have to be included in9 Y5 d# W' ]! }0 n# M- M6 A
your income for that year. |
|