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Is this guide for you?$ n% n' j2 [) {% @+ H, [) v' I
Use this guide if you want information about the rules that+ G, l, T; g1 [% s1 E0 R
apply to the Home Buyers’ Plan (HBP).
+ ]8 T X+ w3 }. s& |; { CWhat is the HBP?
* X3 y- @2 b# M7 u' @* ]+ b, PThe HBP is a program that allows you to withdraw up
/ x2 n) }. T* gto $20,000 from your registered retirement savings plans8 q1 a4 x- A2 G" u1 ^4 w
(RRSPs) to buy or build a qualifying home. However, the
6 l4 _/ C# i( E+ m8 Z# n2 l2 Iprogram sets out certain conditions for participation. If an( Z( g- e+ ]: B" d
individual meets all the applicable HBP conditions, the
) X- e+ l7 U4 N8 p6 E/ awithdrawals will not have to be included in his or her3 e, B Q1 f% A& ^6 z. S
income, and the RRSP issuer will not withhold tax on these
( c! }) s3 }4 L( `5 lamounts. If you buy a qualifying home with your spouse or
; M- y- A% |7 O2 c) D- u' Z+ Scommon-law partner, or with other individuals, each of, U/ N' ?2 [4 y
you can withdraw up to $20,000./ F# |; g9 P4 ~3 g6 } c6 H- Z
Under the HBP, you have to repay all withdrawals to your9 ?$ a/ \, T g% B! D
RRSPs within a 15-year period. Generally, you will have to+ I7 X" o; y G
repay an amount to your RRSPs each year, starting the3 z5 _, ?: _, y* A: |
second year after the funds are withdrawn, until you have5 {3 j' }# s5 N3 Z! A9 P
repaid the total amount you withdrew. If you do not repay
. L7 _" ^; x! \( l/ y: kthe amount due for a year, it will have to be included in0 ~% K; U$ y2 G- Y
your income for that year. |
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发表于 2004-9-8 07:23
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