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Is this guide for you?
# h; p3 [& z/ h9 \% C' GUse this guide if you want information about the rules that
* X1 n# K$ d; x. y, M0 t: rapply to the Home Buyers’ Plan (HBP).- T$ @1 S A* F/ J
What is the HBP?
' R) e# b2 e) C, mThe HBP is a program that allows you to withdraw up U( N6 j1 U' c
to $20,000 from your registered retirement savings plans
- v) l6 J) d# T0 w! p(RRSPs) to buy or build a qualifying home. However, the
' J7 C! N, G: [3 l- X2 Vprogram sets out certain conditions for participation. If an
5 C( x- A) N! D1 o/ f- dindividual meets all the applicable HBP conditions, the) Y. j( |5 B4 y+ w1 f4 u
withdrawals will not have to be included in his or her ^* r) I' O2 |+ q0 Q
income, and the RRSP issuer will not withhold tax on these# } w* | @9 ^* b
amounts. If you buy a qualifying home with your spouse or; j1 U2 Z$ D) K3 O7 _! x
common-law partner, or with other individuals, each of7 v/ x- B0 }( @! M+ D7 `
you can withdraw up to $20,000.
0 o) H1 m4 v- NUnder the HBP, you have to repay all withdrawals to your* }) u& Y$ f6 f* r$ E
RRSPs within a 15-year period. Generally, you will have to
% L, t0 q7 W! R; g9 A7 N3 b3 `repay an amount to your RRSPs each year, starting the
. s s9 F7 @: x) i- \' m- P! xsecond year after the funds are withdrawn, until you have
7 H, p& r* ^0 e5 x8 E- ~repaid the total amount you withdrew. If you do not repay% w# o8 v% P; T$ Y: a6 P
the amount due for a year, it will have to be included in4 M L8 b" L; Y9 o1 y
your income for that year. |
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