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Is this guide for you?7 R/ F) T- p( D, O: w3 u7 b. B2 H
Use this guide if you want information about the rules that
( V: C+ L; k6 O5 J, ]3 d4 o* _6 h3 aapply to the Home Buyers’ Plan (HBP).( T! O6 }4 b" E; ]
What is the HBP?( x- P$ A J2 k* f- s
The HBP is a program that allows you to withdraw up
' X+ U( r4 e8 |& t4 Uto $20,000 from your registered retirement savings plans
% G/ Y: Z% t' f) j(RRSPs) to buy or build a qualifying home. However, the/ Q" v) `9 v( @( s( A
program sets out certain conditions for participation. If an
; t7 x" L" K2 d5 a. x8 ^individual meets all the applicable HBP conditions, the
( c& x) a; o( R1 dwithdrawals will not have to be included in his or her
5 H: w0 c0 H M- C* ~" A: nincome, and the RRSP issuer will not withhold tax on these
& O4 a C0 P% ramounts. If you buy a qualifying home with your spouse or+ Z* c# C7 _* i& _9 g8 J
common-law partner, or with other individuals, each of
1 u5 B2 {$ C' @1 zyou can withdraw up to $20,000.
% ]5 ^9 R9 E N$ [5 g) R* pUnder the HBP, you have to repay all withdrawals to your
5 i3 [- e. o6 F3 Y- k, ORRSPs within a 15-year period. Generally, you will have to( U/ ]/ Q7 d8 P G7 T! ?: c
repay an amount to your RRSPs each year, starting the+ x x: J( w4 b* Q8 v
second year after the funds are withdrawn, until you have
8 {) [8 J- m+ U$ w* yrepaid the total amount you withdrew. If you do not repay
/ |" S9 x4 j7 C' qthe amount due for a year, it will have to be included in
% R+ x0 n5 T" u: c* E; j: Ayour income for that year. |
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发表于 2004-9-8 07:23
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