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Is this guide for you?
% P! Y2 K5 p+ v; J+ b; qUse this guide if you want information about the rules that
) M. K0 j% e3 F! _2 [; z3 E3 Kapply to the Home Buyers’ Plan (HBP).) w+ A8 O/ V3 p3 h( _; y
What is the HBP?, x# ?3 ?4 c0 v5 _" {' b
The HBP is a program that allows you to withdraw up$ O) L' P9 R9 q3 G6 F7 ]8 L; F
to $20,000 from your registered retirement savings plans* c* d4 f5 T; o1 M S
(RRSPs) to buy or build a qualifying home. However, the8 h6 N, O" N. _# u5 R v% J
program sets out certain conditions for participation. If an* w: \% d3 _! }' c- `
individual meets all the applicable HBP conditions, the
! S/ {) |) E2 E0 g6 ~& Awithdrawals will not have to be included in his or her
2 i0 p! r* v! _7 Mincome, and the RRSP issuer will not withhold tax on these
H u" l$ P A& N/ iamounts. If you buy a qualifying home with your spouse or* s9 c' T2 S' ~2 y3 D
common-law partner, or with other individuals, each of
1 v+ ?/ s) b: w3 `6 Pyou can withdraw up to $20,000.9 i/ i) X9 B0 Q# | @0 Y/ K2 ^: q
Under the HBP, you have to repay all withdrawals to your
! y4 A! M* {& d8 R% c0 N0 [4 K) LRRSPs within a 15-year period. Generally, you will have to
& Q2 R3 B- k) w b( _$ l! y# }repay an amount to your RRSPs each year, starting the
9 Z# Y3 A1 o: O% _) k- B4 e R' }second year after the funds are withdrawn, until you have' L1 x" L4 U% l( t7 E- i k$ I0 b
repaid the total amount you withdrew. If you do not repay
v9 w k* u: |8 r) Athe amount due for a year, it will have to be included in9 e% u& J3 ]* {9 y# X+ T
your income for that year. |
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