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Is this guide for you?% \, `$ d: ?2 \, d3 n& W( `6 b3 a
Use this guide if you want information about the rules that
9 l) F. w" c, a& z3 happly to the Home Buyers’ Plan (HBP). ~" S% d7 N) a* B! L
What is the HBP?
' J) Y9 I9 g# Z! m; WThe HBP is a program that allows you to withdraw up
- b* f$ q, s, H# j2 S4 x1 kto $20,000 from your registered retirement savings plans
) G7 g4 R$ B7 E; I+ P- K(RRSPs) to buy or build a qualifying home. However, the
7 z6 I) H1 `3 C" ]program sets out certain conditions for participation. If an3 r0 r. v( H/ W2 C7 ]9 N
individual meets all the applicable HBP conditions, the$ E7 W v; v" X# [+ [* \+ k* f
withdrawals will not have to be included in his or her
3 ?( C+ ?8 P- E, y3 fincome, and the RRSP issuer will not withhold tax on these& K/ z0 G8 T: D$ i4 b' `6 H6 A# X
amounts. If you buy a qualifying home with your spouse or
' w! {' F$ a b% s4 V Jcommon-law partner, or with other individuals, each of( p" p' W( o K. C- U' [4 x9 r
you can withdraw up to $20,000.
5 Y: N; X* R- w, o+ r4 MUnder the HBP, you have to repay all withdrawals to your
$ T( @- w* R6 j4 K- A8 l/ U' TRRSPs within a 15-year period. Generally, you will have to5 B) O, Q4 w7 f l( S& d
repay an amount to your RRSPs each year, starting the
+ o* B6 N/ x/ A$ ~" A4 B6 k3 Dsecond year after the funds are withdrawn, until you have
; P4 D. Q8 y4 Erepaid the total amount you withdrew. If you do not repay
* h& N2 H. t1 b* A6 ?# ?" C% Lthe amount due for a year, it will have to be included in
' r s' F) O; U G- k1 M; ~( Vyour income for that year. |
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