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Is this guide for you?
$ F9 o+ u) k9 Q; h6 GUse this guide if you want information about the rules that! [' f1 l3 M' F7 G3 T0 {1 w, w
apply to the Home Buyers’ Plan (HBP).
% E( v+ E! r0 u$ _& f( EWhat is the HBP?
+ g: F& d) t( Q' h1 n7 c- TThe HBP is a program that allows you to withdraw up
; W9 q) w& a8 \' f6 N+ vto $20,000 from your registered retirement savings plans
1 Q8 H! I6 R, e7 g$ P9 k4 ?(RRSPs) to buy or build a qualifying home. However, the# H8 r% P$ g3 ]0 \
program sets out certain conditions for participation. If an9 a& y' M1 l1 M# N' A T) Y
individual meets all the applicable HBP conditions, the6 ]) x# ~4 y1 E! r" L6 y- e
withdrawals will not have to be included in his or her
2 @9 e" H# L' E4 {) vincome, and the RRSP issuer will not withhold tax on these
8 r3 y4 D0 w" \) O _+ v! famounts. If you buy a qualifying home with your spouse or0 C! l1 C: Y$ I$ v+ L' N
common-law partner, or with other individuals, each of6 ?% Y8 i' @/ T2 R
you can withdraw up to $20,000.
: J& O, o1 O( |6 A5 \Under the HBP, you have to repay all withdrawals to your
; x7 @! r i6 j3 bRRSPs within a 15-year period. Generally, you will have to4 W- H5 I1 C6 r9 y+ A
repay an amount to your RRSPs each year, starting the$ E, b9 H7 L' B+ a+ Y- w' V+ m
second year after the funds are withdrawn, until you have
# x! E, b+ R. O: X L! erepaid the total amount you withdrew. If you do not repay
. a7 W0 g1 L, uthe amount due for a year, it will have to be included in x |# B1 C# q4 e% U
your income for that year. |
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