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Is this guide for you?
8 m7 s% x& U1 `# v; _1 m% s6 j- H9 OUse this guide if you want information about the rules that
X1 i" | v L' T3 T4 Qapply to the Home Buyers’ Plan (HBP).; B! j# R" W6 n' n5 A
What is the HBP?
' J L0 ?" ?" d8 v) C8 lThe HBP is a program that allows you to withdraw up
. A# Z" z+ w6 x$ _" O) lto $20,000 from your registered retirement savings plans( j$ x, ^) T' e# V% G
(RRSPs) to buy or build a qualifying home. However, the
+ y. r; y& P7 W% dprogram sets out certain conditions for participation. If an6 ?1 x/ j+ T; J3 p8 W9 ]
individual meets all the applicable HBP conditions, the8 f$ A _6 O& h' h! ?
withdrawals will not have to be included in his or her$ l6 S; z! E7 H& s7 y, O
income, and the RRSP issuer will not withhold tax on these4 V1 l& z* Y" }, {
amounts. If you buy a qualifying home with your spouse or
" P+ B3 z% L" n: Kcommon-law partner, or with other individuals, each of
, i& E- S* p! x( B3 V3 A) Q5 b0 i$ A* }you can withdraw up to $20,000.
/ G8 I& ]4 k% _& e2 L6 ^( y" sUnder the HBP, you have to repay all withdrawals to your0 B+ ?$ F% f0 R* Q7 M
RRSPs within a 15-year period. Generally, you will have to
+ \0 n+ k! m arepay an amount to your RRSPs each year, starting the
- D; P5 p6 k1 q: G& p8 ^4 h9 Msecond year after the funds are withdrawn, until you have
7 @2 z: @) k: L7 Orepaid the total amount you withdrew. If you do not repay
& Z2 T9 Q9 Y2 a1 q7 ^) Hthe amount due for a year, it will have to be included in
* w0 `+ Q6 y- \3 w( T2 J- G7 O# q! L9 tyour income for that year. |
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