Home Buyers’ Plan

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Is this guide for you?
Use this guide if you want information about the rules that
1 O7 l+ \. A. L7 p) _) j4 P- r( rapply to the Home Buyers’ Plan (HBP).
/ @% o# j7 b7 u& U8 E; z/ H! d3 ZWhat is the HBP?
The HBP is a program that allows you to withdraw up
: Y0 d9 g+ p$ {0 }2 s+ jto $20,000 from your registered retirement savings plans
7 m. s3 M) x  F9 I# Q(RRSPs) to buy or build a qualifying home. However, the
$ v$ C4 K+ b% Z5 h# {' n5 W7 Dprogram sets out certain conditions for participation. If an
individual meets all the applicable HBP conditions, the
% A- f: o: T9 ^! c- Zwithdrawals will not have to be included in his or her
income, and the RRSP issuer will not withhold tax on these
amounts. If you buy a qualifying home with your spouse or
common-law partner, or with other individuals, each of
you can withdraw up to $20,000.
" H, C9 b. @2 w; s& PUnder the HBP, you have to repay all withdrawals to your
RRSPs within a 15-year period. Generally, you will have to
repay an amount to your RRSPs each year, starting the
* S( b6 W; l& [4 Hsecond year after the funds are withdrawn, until you have
2 z  }  Z8 a. a, s6 v+ D8 _repaid the total amount you withdrew. If you do not repay
$ m0 M% f3 o1 x& p4 R2 O; vthe amount due for a year, it will have to be included in
your income for that year.

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