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Is this guide for you?+ w6 x; Q9 a6 X! c
Use this guide if you want information about the rules that
0 ?& p" [5 M" ?8 [apply to the Home Buyers’ Plan (HBP).6 t( m+ M+ @* x2 U
What is the HBP?7 Y. }7 f9 i3 E! y: F
The HBP is a program that allows you to withdraw up1 s$ N& Z/ L# m) p4 y; y) ]
to $20,000 from your registered retirement savings plans
4 Y; ]: c I4 Q/ D1 t7 `(RRSPs) to buy or build a qualifying home. However, the5 L! H$ m/ z* \- Q
program sets out certain conditions for participation. If an
8 U& ]& Q0 W7 B2 cindividual meets all the applicable HBP conditions, the
8 h$ f, \5 Q; pwithdrawals will not have to be included in his or her
8 }% h X+ [9 [) P( P; l8 ?income, and the RRSP issuer will not withhold tax on these
, p2 I& ^1 e5 Z7 }6 D4 Aamounts. If you buy a qualifying home with your spouse or
# Q; d* l4 T" I# t, Tcommon-law partner, or with other individuals, each of
3 K# p$ I0 q/ [( f! j' F Wyou can withdraw up to $20,000./ U. q! h- k5 ?
Under the HBP, you have to repay all withdrawals to your4 s, Q$ O) O" v! ] \
RRSPs within a 15-year period. Generally, you will have to' E& {1 W) J4 \
repay an amount to your RRSPs each year, starting the5 `2 J9 ]( Y" X6 t
second year after the funds are withdrawn, until you have
0 M& }2 q( z4 X( Rrepaid the total amount you withdrew. If you do not repay* W, P4 n2 z" Q+ N! m
the amount due for a year, it will have to be included in
8 F( G t$ r1 t. K7 v A+ fyour income for that year. |
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