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Is this guide for you?) a4 O. ` d! m3 }6 c
Use this guide if you want information about the rules that O- t" Z, H+ U" R! k5 R, E
apply to the Home Buyers’ Plan (HBP).- r1 @0 l' h/ ~
What is the HBP?
o9 g$ A, W$ X, U4 H9 d7 fThe HBP is a program that allows you to withdraw up
8 v6 O3 _7 h% |4 h N& @8 ^* ~1 ?, Zto $20,000 from your registered retirement savings plans
% X" \ |* O6 f; N& r( \(RRSPs) to buy or build a qualifying home. However, the
# \# f- B. |+ q% o9 Fprogram sets out certain conditions for participation. If an% [" I. k4 X) I& F1 c
individual meets all the applicable HBP conditions, the
% V. h9 H' _4 D9 j A6 D' bwithdrawals will not have to be included in his or her) {% }2 \+ T) {2 [
income, and the RRSP issuer will not withhold tax on these
( z! @, V/ f4 y9 Xamounts. If you buy a qualifying home with your spouse or
7 {/ B( n0 r& I1 j% h* v1 t3 zcommon-law partner, or with other individuals, each of
# i8 q( S4 G5 syou can withdraw up to $20,000.0 ~" U4 E( v- y; w( v
Under the HBP, you have to repay all withdrawals to your% b3 A5 B$ k9 B3 n. q
RRSPs within a 15-year period. Generally, you will have to) k0 z. n2 c o: A
repay an amount to your RRSPs each year, starting the3 J$ ?3 A* R* h+ X
second year after the funds are withdrawn, until you have6 x2 G$ Y9 F8 s2 x. G
repaid the total amount you withdrew. If you do not repay- Q, E4 ]+ b3 g' J. w% s: [
the amount due for a year, it will have to be included in; n7 F4 l* ]: y* Y- c0 H
your income for that year. |
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