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Is this guide for you?- }2 G s: X' h, h
Use this guide if you want information about the rules that
) i! ?* @0 \+ n @/ M1 q1 uapply to the Home Buyers’ Plan (HBP).9 R) ?$ u- y2 ]5 ~3 Z
What is the HBP?
' ~. W, @7 a0 BThe HBP is a program that allows you to withdraw up3 e( T0 s# @! }& w' c6 V* V
to $20,000 from your registered retirement savings plans0 d% l4 v9 Z9 H& H* Q( W
(RRSPs) to buy or build a qualifying home. However, the
, I. R! T# W0 g3 ^) gprogram sets out certain conditions for participation. If an
( \3 U- B; U% o A% t' \4 p3 findividual meets all the applicable HBP conditions, the: Y l# O9 N% }
withdrawals will not have to be included in his or her
. p# ]% o: h! [1 _; Q, ]2 Dincome, and the RRSP issuer will not withhold tax on these7 m+ l" X4 B: W3 }' w# n$ v. C
amounts. If you buy a qualifying home with your spouse or4 P% |/ l2 d M- E! z" n
common-law partner, or with other individuals, each of" g0 o/ x! p# m6 Z
you can withdraw up to $20,000.# B+ U- u: l- G( J+ c3 N
Under the HBP, you have to repay all withdrawals to your
7 w$ U) r# ^7 s% zRRSPs within a 15-year period. Generally, you will have to
; _: T+ ^% O8 ^6 brepay an amount to your RRSPs each year, starting the
$ u0 J1 c8 e& Hsecond year after the funds are withdrawn, until you have3 h- P' R$ e! z* j; d( T% U' \
repaid the total amount you withdrew. If you do not repay* S/ u( \# R( k. N; u" s$ Z
the amount due for a year, it will have to be included in
# h% L7 h8 v9 V3 w! n1 Byour income for that year. |
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发表于 2004-9-8 07:23
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