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Is this guide for you?5 ]* l/ W4 {) l
Use this guide if you want information about the rules that- B2 V. a R: ^2 q
apply to the Home Buyers’ Plan (HBP).
1 |. ]9 l; P" {! O# ?8 TWhat is the HBP?. V: V0 v3 g# d
The HBP is a program that allows you to withdraw up0 |* p# _; c+ L! s& Z( X" t) v
to $20,000 from your registered retirement savings plans) R# f1 h: T. g: |- H1 }
(RRSPs) to buy or build a qualifying home. However, the
" q/ @1 M; [( Pprogram sets out certain conditions for participation. If an
7 I$ l, P, F& Kindividual meets all the applicable HBP conditions, the; J& j) T/ z0 M( k0 l. T. a- z
withdrawals will not have to be included in his or her
7 \$ C- ^: r4 U/ i: R5 [% j; Gincome, and the RRSP issuer will not withhold tax on these
, I: \2 n) |5 T4 {; Gamounts. If you buy a qualifying home with your spouse or" Z2 E* Q- n: `! v) y; q" ^0 C! d
common-law partner, or with other individuals, each of& \/ O- U2 S2 h/ ]( D( N
you can withdraw up to $20,000.* H* j4 `% f! d6 u% q0 _1 F6 T
Under the HBP, you have to repay all withdrawals to your! I/ x" C; a" ?& A
RRSPs within a 15-year period. Generally, you will have to
: X3 u/ {* v& Z* vrepay an amount to your RRSPs each year, starting the/ Y# Q" [' v. w! c5 c( e) Z
second year after the funds are withdrawn, until you have6 h$ @$ u8 [$ c9 K) D
repaid the total amount you withdrew. If you do not repay; ?4 b: a- r1 C7 z6 o0 y
the amount due for a year, it will have to be included in' {' d! S, i$ u- x) }9 ?) b9 R# p
your income for that year. |
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发表于 2004-9-8 07:23
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