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Is this guide for you?. o* R% P( f% t0 x
Use this guide if you want information about the rules that
4 q2 O/ v, f+ _+ Mapply to the Home Buyers’ Plan (HBP).
2 h: I2 M; V5 Y+ G# q0 \$ XWhat is the HBP?
* @* F7 I9 R6 C: yThe HBP is a program that allows you to withdraw up. l1 |5 k4 B( n$ o
to $20,000 from your registered retirement savings plans
# N; Y0 R% e" V! m) s' b6 E(RRSPs) to buy or build a qualifying home. However, the
$ T }# b9 N. Y( d7 x& M2 P+ jprogram sets out certain conditions for participation. If an( \7 y8 { D9 r: n" X- W
individual meets all the applicable HBP conditions, the
% F" ~# F7 H0 ?1 X7 F5 twithdrawals will not have to be included in his or her# h0 o/ `+ W% C% M' h5 A7 _9 V2 m
income, and the RRSP issuer will not withhold tax on these" f9 x/ k/ q9 U. a
amounts. If you buy a qualifying home with your spouse or, c1 M/ P, X5 w" {7 j
common-law partner, or with other individuals, each of
) a% g0 M% r0 w/ R/ F2 ^7 Jyou can withdraw up to $20,000.* a, u# z4 \, }! ^ ^
Under the HBP, you have to repay all withdrawals to your2 P" L- C' |1 U; k8 f+ z8 d' W/ d1 M3 b
RRSPs within a 15-year period. Generally, you will have to/ s- H: ^9 {4 X- z
repay an amount to your RRSPs each year, starting the& C9 S- h3 B1 O6 Z% b( ?9 ]) n
second year after the funds are withdrawn, until you have
4 D% q' J& h* h! O8 i. g* p. }repaid the total amount you withdrew. If you do not repay
9 M) o1 D% @' v& V2 s4 D3 T1 `- ^the amount due for a year, it will have to be included in( M- R/ b: x" ?/ u9 a s/ A
your income for that year. |
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