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Is this guide for you?! t, ~" |- e9 f
Use this guide if you want information about the rules that9 m, G4 U) v3 |, I+ Z b: s* a, y
apply to the Home Buyers’ Plan (HBP).# E" v' K. f. v; F5 ?
What is the HBP?0 X2 K# d" T6 y& M( `
The HBP is a program that allows you to withdraw up9 \, U% Q1 ^6 i" j; r
to $20,000 from your registered retirement savings plans
! O! H$ J; b3 a% [2 c8 T(RRSPs) to buy or build a qualifying home. However, the; m! J% a) {* h
program sets out certain conditions for participation. If an
! k. O1 ` Y( g9 j! o4 J. E" Rindividual meets all the applicable HBP conditions, the
- T; z, ?4 L& V" ~5 vwithdrawals will not have to be included in his or her
( t/ {3 W9 c0 C" Gincome, and the RRSP issuer will not withhold tax on these
+ }" p7 s0 F* L G% H" O- ^0 gamounts. If you buy a qualifying home with your spouse or
* R8 D- O3 H2 a5 \, zcommon-law partner, or with other individuals, each of
0 C7 U) u$ ?$ }' f* s7 {1 \$ t ?you can withdraw up to $20,000., y6 N$ `9 b7 V3 N1 M% [: @+ H6 U! M! C
Under the HBP, you have to repay all withdrawals to your g& a# k. D4 L1 s
RRSPs within a 15-year period. Generally, you will have to' I2 g& C" H( `( g% g
repay an amount to your RRSPs each year, starting the, L, G6 o8 u5 V6 x) h; M
second year after the funds are withdrawn, until you have
& K* K) f) ?- ~% F' r2 arepaid the total amount you withdrew. If you do not repay- \4 L1 _' Z9 ? X% t a1 T
the amount due for a year, it will have to be included in
( a3 K7 `( J/ oyour income for that year. |
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