|
The Home Buyers Plan (HBP) is a program that allows you to withdraw up to
$25,000 (new legislation effective January 28, 2009) from your registered retirement savings plans (RRSPs) to buy or build a
qualifying home. However, the program sets out certain conditions for
participation. If an individual meets all the applicable HBP conditions, the
withdrawals will not have to be included in his or her income, and the RRSP
issuer will not withhold tax on these amounts. If you buy a qualifying home
with your spouse or common-law partner, or with other individuals, each of you
can withdraw up to $25,000.
Under the HBP, you have to repay all withdrawals to your RRSPs within a 15-year
period. Generally, you will have to repay an amount to your RRSPs each year,
starting the second year after the funds are withdrawn, until you have repaid
the total amount you withdrew. If you do not repay the amount due for a year,
it will have to be included in your income for that year.
For details about the plan and eligibility requirements, speak to a Member
Services Rep at your branch or visit the
Canada Revenue Agency website.
| Contact
Us |
 |
|
| Member Services
|
Education Centre
519-742-3500 |
TechTown
Branch 519-772-3050
|
|
|
|