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Is this guide for you?4 {! D+ W* @4 j5 t
Use this guide if you want information about the rules that9 z% ~5 ?6 ?! N! {# Y
apply to the Home Buyers’ Plan (HBP).* C. P( W6 P7 @& |. c
What is the HBP?0 X. Q) f9 l0 ?' h& B' |
The HBP is a program that allows you to withdraw up
$ ^4 n' N7 @; k, X6 rto $20,000 from your registered retirement savings plans; l" [2 z6 j/ Y1 T
(RRSPs) to buy or build a qualifying home. However, the2 X+ m% @, Q. {5 t( M
program sets out certain conditions for participation. If an
& `: s7 K0 W _+ g2 k! [individual meets all the applicable HBP conditions, the
) J) t9 m( b; |' V! `withdrawals will not have to be included in his or her2 @1 M8 W, ?7 E- g
income, and the RRSP issuer will not withhold tax on these
" q; E4 U3 l" ?0 Y0 gamounts. If you buy a qualifying home with your spouse or+ L8 @4 n# Y, z# n* E5 [+ L
common-law partner, or with other individuals, each of
$ I( o5 v z f9 W* uyou can withdraw up to $20,000.5 e( Z/ J' r6 t, `. O) s
Under the HBP, you have to repay all withdrawals to your% T6 z1 X; E- X; i) J5 |+ I+ C
RRSPs within a 15-year period. Generally, you will have to& F6 q* V- |! V" O/ b* F, i' `
repay an amount to your RRSPs each year, starting the
. L- v! W2 ?( F8 n' W9 h8 q+ Bsecond year after the funds are withdrawn, until you have
! J R% O% ~7 \+ X4 x& jrepaid the total amount you withdrew. If you do not repay
. H J- q/ ?! jthe amount due for a year, it will have to be included in
0 M6 W& Y+ ?0 syour income for that year. |
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