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Is this guide for you?& E7 v1 h! D# L# ?( J
Use this guide if you want information about the rules that
" _6 Q$ v |* o! n2 i2 gapply to the Home Buyers’ Plan (HBP).) \' P! g( a' \3 w8 u: d
What is the HBP?8 }3 k% w' ^! h2 |+ D: l
The HBP is a program that allows you to withdraw up3 W$ }& s9 \; o+ I; p
to $20,000 from your registered retirement savings plans( ]& i- q3 w# e2 K4 Y% B: ~) Z0 R
(RRSPs) to buy or build a qualifying home. However, the
) s3 W2 e% j! W' y: h& E3 Qprogram sets out certain conditions for participation. If an9 p9 h# P$ |# L
individual meets all the applicable HBP conditions, the# k; E: q9 p4 z
withdrawals will not have to be included in his or her
, U% P% U) l8 e' Y1 D0 E/ ^6 cincome, and the RRSP issuer will not withhold tax on these
5 J& c5 Z% _: M; z ]- ?amounts. If you buy a qualifying home with your spouse or
' f) i* [0 n8 L9 x) i+ Z! Dcommon-law partner, or with other individuals, each of
) ?4 V8 D7 ^7 Z/ A& ]$ h7 P; wyou can withdraw up to $20,000.0 o3 V9 t; m% a: N* c
Under the HBP, you have to repay all withdrawals to your
' v- x. ~3 Y( O0 g/ U6 j* IRRSPs within a 15-year period. Generally, you will have to
1 j6 q: c/ |. T6 A7 K+ U# crepay an amount to your RRSPs each year, starting the
" F# S5 w$ p1 b4 B2 qsecond year after the funds are withdrawn, until you have" O8 o! }; [* G1 m
repaid the total amount you withdrew. If you do not repay' Y$ W; D- J% B* P" R
the amount due for a year, it will have to be included in
9 W2 e; c3 A. j9 }your income for that year. |
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发表于 2004-9-8 07:23
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