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Is this guide for you?9 _+ G# r. y9 t, x9 p, q. p
Use this guide if you want information about the rules that' i* J1 X* l, X6 B, D* n. e
apply to the Home Buyers’ Plan (HBP).4 D F1 R: j& A" M0 q
What is the HBP?
/ B m! x# H' p9 O7 t. ]The HBP is a program that allows you to withdraw up! A) k" X/ f, K7 w
to $20,000 from your registered retirement savings plans( K7 p; q1 i; {; }9 z; y/ Z
(RRSPs) to buy or build a qualifying home. However, the
" E: Q) [. j) @& f, c0 |" mprogram sets out certain conditions for participation. If an j. f" {" y; h: g' a! w
individual meets all the applicable HBP conditions, the
& @( }5 t! W1 Kwithdrawals will not have to be included in his or her- I( W" h1 h4 [1 z/ w6 N1 c
income, and the RRSP issuer will not withhold tax on these
3 }% j0 ?0 u/ _7 @ Samounts. If you buy a qualifying home with your spouse or8 I4 J& c7 Z: y4 Z8 E* s
common-law partner, or with other individuals, each of8 L6 r% Z! M9 Q5 j9 j% h/ A! g
you can withdraw up to $20,000.
& V/ d& ~* o+ ]# x9 uUnder the HBP, you have to repay all withdrawals to your4 T6 T2 i! K( G4 @6 n, q
RRSPs within a 15-year period. Generally, you will have to
2 v9 E' |7 Z5 [; Xrepay an amount to your RRSPs each year, starting the7 m3 t. P7 }, `
second year after the funds are withdrawn, until you have$ d1 I f9 Q- [8 B
repaid the total amount you withdrew. If you do not repay- ^6 W+ O/ P8 ?' d$ _& ^
the amount due for a year, it will have to be included in
) `4 {# x) T. ]0 N* p3 tyour income for that year. |
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