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Is this guide for you?- D& e" B8 S# ^6 E3 d9 V9 I- I
Use this guide if you want information about the rules that
& m) n8 P# T. t9 R+ v5 F8 \5 N1 oapply to the Home Buyers’ Plan (HBP).1 H- N7 R" Y, R# O7 u# S" p& |
What is the HBP?2 N% m) s6 _6 Y$ T" @
The HBP is a program that allows you to withdraw up
* g* [+ f5 V. vto $20,000 from your registered retirement savings plans
3 m/ g9 f/ M! n( z7 Z2 q' Y* z# N(RRSPs) to buy or build a qualifying home. However, the( r3 }: c$ D, h, `+ `
program sets out certain conditions for participation. If an6 j) q: C+ _2 n, z/ \1 J
individual meets all the applicable HBP conditions, the
" N- H. u" G# w* {. @6 z" r& l1 l# Y/ Zwithdrawals will not have to be included in his or her
) t3 q$ r* t% f' X# Kincome, and the RRSP issuer will not withhold tax on these, b/ d" ~: k- ~9 n( S9 x. L) y
amounts. If you buy a qualifying home with your spouse or9 g O+ p& F/ L1 F
common-law partner, or with other individuals, each of+ b1 F# W' {3 R! R; q7 b
you can withdraw up to $20,000.
* x* @" H0 B$ O* \, p u6 kUnder the HBP, you have to repay all withdrawals to your
$ b9 \$ q( x5 A. @; VRRSPs within a 15-year period. Generally, you will have to
/ \% \7 P5 u t5 L: Q: [4 irepay an amount to your RRSPs each year, starting the" L: j1 n7 h' K9 e) Z
second year after the funds are withdrawn, until you have
9 {8 R3 U7 O% I- S9 trepaid the total amount you withdrew. If you do not repay5 y. V* W7 p% a2 e3 s
the amount due for a year, it will have to be included in
' ^ p" r T% Byour income for that year. |
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