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Is this guide for you?$ q) x$ P! n3 h0 i9 D
Use this guide if you want information about the rules that
' ]+ R: \0 `8 K& q! B/ dapply to the Home Buyers’ Plan (HBP).
. a0 B- N ]* L9 YWhat is the HBP?
7 t- }$ B3 x E5 c! s1 _# jThe HBP is a program that allows you to withdraw up
& ?9 M6 e; Q. ?2 W+ Gto $20,000 from your registered retirement savings plans
0 y4 ]$ n$ K* t(RRSPs) to buy or build a qualifying home. However, the1 b8 M5 s9 ]0 ?4 P# v% D
program sets out certain conditions for participation. If an
, j3 l# _% j; \1 {7 Zindividual meets all the applicable HBP conditions, the
+ {! ~( f- M* K& o2 I& S( w2 ewithdrawals will not have to be included in his or her
1 b: i0 M% G# {. Z p) J* @, u; o3 Dincome, and the RRSP issuer will not withhold tax on these1 D5 Y3 j, [; o V6 w" e
amounts. If you buy a qualifying home with your spouse or8 u: y+ c" I m$ V k8 u2 i
common-law partner, or with other individuals, each of
+ `! J" V' U% xyou can withdraw up to $20,000.
% E4 X' M. Z! z( g _! e( P3 N/ aUnder the HBP, you have to repay all withdrawals to your, C0 M' ?( M' O. g$ U& W1 ^' W, h
RRSPs within a 15-year period. Generally, you will have to& b& n8 T3 Y2 R7 i
repay an amount to your RRSPs each year, starting the
. h: m2 v- L& Z5 nsecond year after the funds are withdrawn, until you have+ s2 [) h# I3 u8 k/ w
repaid the total amount you withdrew. If you do not repay& d' k( {) b8 o& x' \
the amount due for a year, it will have to be included in: c$ Z; H- s" a+ [8 `/ }
your income for that year. |
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