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Is this guide for you?
* d& Y, o, s% j8 P7 X& XUse this guide if you want information about the rules that
2 e/ l, ~, v' y( | Eapply to the Home Buyers’ Plan (HBP).
5 C2 V, \: }3 i- w$ P9 X) R, _" A" EWhat is the HBP?
8 K! w: Y( ~4 y4 e5 yThe HBP is a program that allows you to withdraw up) p- W' @7 u M- g
to $20,000 from your registered retirement savings plans
+ Q' L* ?! B* r. C6 q(RRSPs) to buy or build a qualifying home. However, the
9 a+ p: U* |8 h5 Y3 `! rprogram sets out certain conditions for participation. If an! N+ o8 O- l9 {8 G6 y8 V
individual meets all the applicable HBP conditions, the
& C P6 \3 t- E& c7 N$ O% u# Z# nwithdrawals will not have to be included in his or her
2 {% o- F7 G7 {, M4 Fincome, and the RRSP issuer will not withhold tax on these
! z7 L' A& K$ F0 z0 K( q- @ yamounts. If you buy a qualifying home with your spouse or
. I* b8 |8 m+ y$ e: W: E5 D5 Rcommon-law partner, or with other individuals, each of
- x: ]- }' O( a; }you can withdraw up to $20,000.
% H4 C+ J3 O/ e% @Under the HBP, you have to repay all withdrawals to your3 J' R+ |% v$ c
RRSPs within a 15-year period. Generally, you will have to" q% V2 h5 w" g
repay an amount to your RRSPs each year, starting the+ o& X; z; @0 h% ]
second year after the funds are withdrawn, until you have0 t1 E2 n, u# h* V$ U, R
repaid the total amount you withdrew. If you do not repay2 E$ c, V4 p8 u' G! l
the amount due for a year, it will have to be included in
+ s" C- I, j& u; h5 zyour income for that year. |
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