The Home Buyers’ Plan (HBP) is a program under which you can, generally, withdraw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home.
Withdrawals that meet all applicable Home Buyers’ Plan (HBP) conditions do not have to be included in your income, and your RRSP issuer will not withhold tax on these amounts. However, before you can withdraw funds you must have entered into a written agreement to buy or build a qualifying home which you must occupy no later than one year after buying or building the home. If you buy the qualifying home together with your spouse or other individuals, each of you can withdraw up to $25,000. You cannot withdraw an amount from your RRSP under the Home Buyers’ Plan (HBP) if you or your spouse owned the home more than 30 days before the date of your withdrawal.
DISCLAIMER:
We believe the information contained in this article to be accurate. It is presented with the understanding that we are not engaged in rendering legal, accounting, or investment advice. When professional assistance is required, utilize the services of a licensed real estate broker, lawyer, accountant, or other consultant as may be required.
To buy a directory of all Canadian Real Estate Grants at 60% discount, please go to:
http://www.flipping4profit.ca/special-services/real-estate-grants/
Special Sale Forgivable Canadian Business & Real estate Grants, Canadian Credit Repair
P.S. Success isn’t a matter of chance, it’s a matter of choice. So it’s up to you to make the right choice to become successful. If you don’t know what to do it starts with making the choice to register for this LIVE real estate investors training in your town now at www.Flipping4Profit.ca and making sure you make the right choice to SHOW UP!!! Learn more to earn more about Canadian Tax sale properties.
