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Is this guide for you?$ n3 Z; f0 W9 t9 o. H# r) r& C- V
Use this guide if you want information about the rules that& L4 m+ {/ W, J5 c0 @
apply to the Home Buyers’ Plan (HBP).6 z' F8 i" w/ T& L
What is the HBP?! K2 ]* j3 o) w7 F' ]2 j
The HBP is a program that allows you to withdraw up1 W4 i* d1 ?8 i0 o; K; _
to $20,000 from your registered retirement savings plans- p* h8 t8 o$ c6 q, p1 w
(RRSPs) to buy or build a qualifying home. However, the
7 x& T4 K; y. g; ]program sets out certain conditions for participation. If an: P- R# U. y: O1 i( x) d: S
individual meets all the applicable HBP conditions, the7 m$ f$ a5 k( Z
withdrawals will not have to be included in his or her: p' o1 g* Q* X6 ?& T1 o7 h! y* w
income, and the RRSP issuer will not withhold tax on these, Y% Z+ M8 W, E0 ~$ m3 Z
amounts. If you buy a qualifying home with your spouse or) D( h9 Q0 @6 Z7 R( k
common-law partner, or with other individuals, each of
1 o; j6 X1 H1 q2 F. r* V- `you can withdraw up to $20,000.8 Y( A$ T5 g( B4 _" |
Under the HBP, you have to repay all withdrawals to your
h, N! a1 l, w- J. PRRSPs within a 15-year period. Generally, you will have to+ h$ D$ K- P5 a I' N7 A7 K
repay an amount to your RRSPs each year, starting the: U: [3 ^8 v' C. e" w
second year after the funds are withdrawn, until you have
( R$ c) M J$ e. prepaid the total amount you withdrew. If you do not repay
8 t8 l6 J0 j* L3 z/ A- _the amount due for a year, it will have to be included in; p4 `: S6 X% a8 M" h
your income for that year. |
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