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Is this guide for you?
, p6 g5 z( X( QUse this guide if you want information about the rules that
' e) B+ \7 I3 ^apply to the Home Buyers’ Plan (HBP).5 L) S" ~ E# [7 y T. b5 x T# D
What is the HBP?- J' g3 v$ A, ^3 Z& [
The HBP is a program that allows you to withdraw up
' u% g3 h' |" r8 i# Rto $20,000 from your registered retirement savings plans0 N" G) D% o r3 ~
(RRSPs) to buy or build a qualifying home. However, the: W0 z% C6 m+ H% o6 x: v
program sets out certain conditions for participation. If an
' N: p5 i# X0 V: ^' |, |0 M. Mindividual meets all the applicable HBP conditions, the
! M6 G) @& |1 V% j7 [% Hwithdrawals will not have to be included in his or her
Y5 E0 @6 J, `; E. e3 B- I* vincome, and the RRSP issuer will not withhold tax on these4 Z; j3 [+ u" G
amounts. If you buy a qualifying home with your spouse or: J- h4 w8 P3 U+ ^* Q$ I! G
common-law partner, or with other individuals, each of5 F1 E7 e0 z5 f8 P9 P( ^7 ]
you can withdraw up to $20,000.
0 J$ X& a( s9 e% O% dUnder the HBP, you have to repay all withdrawals to your
9 d& _: T% k" M5 o SRRSPs within a 15-year period. Generally, you will have to
. C' b4 @2 u+ t M/ y* E* n8 yrepay an amount to your RRSPs each year, starting the
* W9 b" _" R7 x2 M" wsecond year after the funds are withdrawn, until you have
/ Y; ?! E* T. w+ A& Qrepaid the total amount you withdrew. If you do not repay
: {) c. I# w; o' rthe amount due for a year, it will have to be included in
4 I8 ?6 _" ]2 c+ K: Kyour income for that year. |
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