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Is this guide for you?$ V+ l) G- K- x$ }' O
Use this guide if you want information about the rules that
( S# _+ a6 K& ^; qapply to the Home Buyers’ Plan (HBP). d3 t' j/ R" L4 F) Y) s
What is the HBP?5 f9 }& S& z. q8 v3 W: q/ K
The HBP is a program that allows you to withdraw up! {+ s. ~* O- E$ e4 K a( ]5 X* \3 v! M
to $20,000 from your registered retirement savings plans
$ k0 C" h. p+ w: g5 e! w; G8 ~(RRSPs) to buy or build a qualifying home. However, the
! d6 R/ F# }) h* aprogram sets out certain conditions for participation. If an
% o" v5 X) t% k z, \1 w, E# U. n. Aindividual meets all the applicable HBP conditions, the; c! x) w5 H) z! a; H4 J2 ~) x
withdrawals will not have to be included in his or her
7 c9 V8 Y5 Y5 ` ~' J/ S, Gincome, and the RRSP issuer will not withhold tax on these% D, L0 k4 P9 D) @ t9 N
amounts. If you buy a qualifying home with your spouse or
& m0 R1 V. a, |" F, lcommon-law partner, or with other individuals, each of
8 e; n$ m9 {/ C# M5 Fyou can withdraw up to $20,000.
: l0 v6 a8 ]1 b. y3 ~4 A% xUnder the HBP, you have to repay all withdrawals to your) D/ l6 [' L% {# a, n1 ^
RRSPs within a 15-year period. Generally, you will have to
5 h6 a C% \0 p# F. _8 ?repay an amount to your RRSPs each year, starting the
* k1 X/ @& d' G& y8 \! B rsecond year after the funds are withdrawn, until you have4 e i* G. b# g5 l* c
repaid the total amount you withdrew. If you do not repay
! U+ |6 Z% t8 s, }+ Qthe amount due for a year, it will have to be included in
1 [3 R* S, U& ?6 ~ t2 ^8 Eyour income for that year. |
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发表于 2004-9-8 07:23
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