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Is this guide for you?
% q) D# C$ U3 }; f+ PUse this guide if you want information about the rules that
* e- K6 M. v; m0 h1 R4 i: G1 `2 Oapply to the Home Buyers’ Plan (HBP).$ ]: Q' H; B4 n
What is the HBP?
$ }6 ?! N9 ?2 H3 A, _The HBP is a program that allows you to withdraw up
6 Q6 B4 p- Z: pto $20,000 from your registered retirement savings plans
- ?& Y/ ^) A3 Y8 t! K0 u" c(RRSPs) to buy or build a qualifying home. However, the" g b# l- w- C+ h' U+ ~7 g
program sets out certain conditions for participation. If an% R( o" B; D( ~ g; Z
individual meets all the applicable HBP conditions, the1 t8 t, H. f! m9 Q5 a( f3 |
withdrawals will not have to be included in his or her! n: V9 o) [0 v
income, and the RRSP issuer will not withhold tax on these
. ]8 i5 A( L! J) P5 v7 Iamounts. If you buy a qualifying home with your spouse or
! f! d2 r X+ S* e# a' D4 y% |common-law partner, or with other individuals, each of
( p4 w. L3 l8 x6 syou can withdraw up to $20,000.
7 |5 R7 O- [$ Z' C, NUnder the HBP, you have to repay all withdrawals to your4 p" p$ i% @) K# E# w
RRSPs within a 15-year period. Generally, you will have to
: b7 o9 P* Z7 P- ^% V& a% xrepay an amount to your RRSPs each year, starting the
3 Q0 e6 ]' w H2 @4 ?8 ~second year after the funds are withdrawn, until you have
$ g. d& P; ^" o0 t& U. k1 c- h" `repaid the total amount you withdrew. If you do not repay( A: U) U) {* q, K
the amount due for a year, it will have to be included in
& z x# H5 U1 ^4 x: m- gyour income for that year. |
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