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Is this guide for you?8 x. B9 K( ?/ N+ ~# V, c
Use this guide if you want information about the rules that
& a# M) y8 A3 B8 f/ N4 X( G3 w8 Kapply to the Home Buyers’ Plan (HBP).
# c3 N; ]" q: y0 S4 I8 ZWhat is the HBP?. s( U( O+ y% I: b
The HBP is a program that allows you to withdraw up
8 P; j, L* @' g# `; Xto $20,000 from your registered retirement savings plans4 y8 S+ }$ n9 K+ `' \5 o
(RRSPs) to buy or build a qualifying home. However, the
! u+ V9 M1 P4 s; Yprogram sets out certain conditions for participation. If an3 a, M/ N' R/ M L) ~
individual meets all the applicable HBP conditions, the
: D# ~ b% X" {/ I) rwithdrawals will not have to be included in his or her( x3 }2 F. k# j) p% ?7 l
income, and the RRSP issuer will not withhold tax on these
! w( K6 N, V. _ Famounts. If you buy a qualifying home with your spouse or- x5 g" `5 L m" C
common-law partner, or with other individuals, each of
: I' J- u/ D( [' u5 Wyou can withdraw up to $20,000.) I% j8 y+ c! T" I$ Y0 A# \% c
Under the HBP, you have to repay all withdrawals to your/ |/ w. i' {% [5 C6 Q
RRSPs within a 15-year period. Generally, you will have to
1 F* V7 P& t7 t3 |, W: prepay an amount to your RRSPs each year, starting the
5 E5 x$ C% d/ lsecond year after the funds are withdrawn, until you have
" C, m7 ]$ V7 s) J) r7 frepaid the total amount you withdrew. If you do not repay
- n v* f6 X5 G# o# q5 s, o# t- k' Kthe amount due for a year, it will have to be included in) r4 e& A( _& u4 o0 o5 Z: r
your income for that year. |
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发表于 2004-9-8 07:23
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