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Is this guide for you?( v0 |! z. u5 P8 P' h
Use this guide if you want information about the rules that
% H: R$ C- @- `apply to the Home Buyers’ Plan (HBP).
/ e- Z" J- u& w* i, xWhat is the HBP?, e, B: ?5 ]6 h5 B( u4 O
The HBP is a program that allows you to withdraw up
6 ~! W$ X! `% B' U! \0 k7 z2 eto $20,000 from your registered retirement savings plans4 F- y# A5 \* p, ~$ M8 f
(RRSPs) to buy or build a qualifying home. However, the
, e- p' E4 Y/ O" m( F bprogram sets out certain conditions for participation. If an
/ k G. Z) n# ~/ {& z" H: ^* A3 `individual meets all the applicable HBP conditions, the" j0 n2 n9 R, n9 E0 l2 r$ r2 z! p% B
withdrawals will not have to be included in his or her/ ]( o! i `7 G
income, and the RRSP issuer will not withhold tax on these3 _6 h! |0 Q- Z6 x1 D0 v
amounts. If you buy a qualifying home with your spouse or. G2 |' U/ p/ W& c; p& g) w2 b
common-law partner, or with other individuals, each of
8 B8 |0 b% q! D, \! F# V6 byou can withdraw up to $20,000.( Q& E5 r) F8 A y7 O/ s) Z9 }2 r8 c
Under the HBP, you have to repay all withdrawals to your4 H# o/ i, p; d6 _
RRSPs within a 15-year period. Generally, you will have to
1 ]4 R" z; a! E. @ u8 `repay an amount to your RRSPs each year, starting the
. ]6 U5 F6 r8 d l+ W6 Jsecond year after the funds are withdrawn, until you have
7 s* t: ?+ U5 z3 v7 Lrepaid the total amount you withdrew. If you do not repay: C7 i8 }2 w" R2 N. r
the amount due for a year, it will have to be included in
3 V5 R. ~1 j8 }& ?3 I8 Nyour income for that year. |
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发表于 2004-9-8 07:23
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