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Is this guide for you?5 j# f" {+ H, D' Z; d k2 W
Use this guide if you want information about the rules that: k2 ]) d2 c4 f5 \: l, g5 v2 O
apply to the Home Buyers’ Plan (HBP).' ?) W1 O# f5 A5 P" {7 X8 ]
What is the HBP?
d) M5 B1 u$ `: m- U/ H! Y5 o* YThe HBP is a program that allows you to withdraw up' a p. C8 D7 w- e4 B3 y
to $20,000 from your registered retirement savings plans
* }2 F" r8 `( Z6 x7 r! T(RRSPs) to buy or build a qualifying home. However, the9 ?7 S5 Z/ r+ v* x: }
program sets out certain conditions for participation. If an
' t7 F$ Q1 V3 j0 ?individual meets all the applicable HBP conditions, the
: S8 z0 X2 g2 s( g" {2 G) o( p8 qwithdrawals will not have to be included in his or her8 q2 s+ a2 C+ u* j% F* r
income, and the RRSP issuer will not withhold tax on these
: F* h3 C& ?% {" E( n2 A wamounts. If you buy a qualifying home with your spouse or
* k: |, W1 w3 h7 c( \$ m- v; @, Ccommon-law partner, or with other individuals, each of
) u% V3 G$ \* x! _5 i6 I4 Eyou can withdraw up to $20,000.* M# l) x) G9 D; r3 R. z- P N
Under the HBP, you have to repay all withdrawals to your
9 d0 Z3 n# [) T& bRRSPs within a 15-year period. Generally, you will have to
4 [, N% v$ R# {1 Q, Trepay an amount to your RRSPs each year, starting the, V" L! y6 Y! f. s
second year after the funds are withdrawn, until you have' }" Q0 }8 g8 ^) [1 ]
repaid the total amount you withdrew. If you do not repay) S- ]) o% t3 E% |$ A
the amount due for a year, it will have to be included in
' ~! J! C+ O3 E$ w7 R5 D" Lyour income for that year. |
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发表于 2004-9-8 07:23
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