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Is this guide for you?, x& r- V6 d1 t3 s9 @
Use this guide if you want information about the rules that3 U" M4 y0 O* L
apply to the Home Buyers’ Plan (HBP).
6 A; A v; }# l, K; ]) KWhat is the HBP?' x5 {4 t$ O1 z! J5 U
The HBP is a program that allows you to withdraw up8 M! ]" T$ _2 Y& L9 p Z! h+ _
to $20,000 from your registered retirement savings plans! I) n; Z- ^2 w$ Z
(RRSPs) to buy or build a qualifying home. However, the* P, ?3 ^8 z( ^8 Z+ D" M
program sets out certain conditions for participation. If an
9 J5 L7 n. ], Xindividual meets all the applicable HBP conditions, the) O+ b" V4 d+ C' R& S) }+ ^# u
withdrawals will not have to be included in his or her% G2 r4 U9 b6 M, z4 N
income, and the RRSP issuer will not withhold tax on these
( }" v" s! e2 H9 s* j" y% Uamounts. If you buy a qualifying home with your spouse or
$ @4 B+ A2 b: y) F+ G( dcommon-law partner, or with other individuals, each of
1 ^/ p0 I$ i! }you can withdraw up to $20,000.
2 E( m! B3 |7 ]3 DUnder the HBP, you have to repay all withdrawals to your
" j0 D5 b5 C7 [4 E& C7 d) BRRSPs within a 15-year period. Generally, you will have to$ J q( S6 b, E5 [
repay an amount to your RRSPs each year, starting the( ]$ {! Y* E Y, V& c3 H, L% k
second year after the funds are withdrawn, until you have; x- e- N3 t0 I+ q3 p
repaid the total amount you withdrew. If you do not repay5 ?. W0 ~- F9 O% O
the amount due for a year, it will have to be included in) w; F' _2 k m2 D4 c8 f9 U
your income for that year. |
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