HBP: Making your withdrawal

2012-9-25 13:01| 发布者: Test| 查看: 357| 评论: 0|来自: Canada Revenue Agency

摘要: You (the participant) can only withdraw funds from an RRSP under which you are the annuitant. In the case of spousal or common-law partner RRSPs, the annuitant is the person who will receive benefits ...

You (the participant) can only withdraw funds from an RRSP under which you are the annuitant. In the case of spousal or common-law partner RRSPs, the annuitant is the person who will receive benefits from the plan. For more information about spousal or common-law partner RRSPs, see Guide T4040, RRSPs and Other Registered Plans for Retirement.

Some RRSPs, such as locked-in or group RRSPs, do not allow you to withdraw funds from them. Your RRSP issuer can give you more information about the types of RRSPs that you have and whether or not withdrawals can be made from these plans to participate in the HBP.

To make an eligible withdrawal from your RRSPs under the HBP, you have to use Form T1036, Home Buyers' Plan (HBP) Request to Withdraw Funds from an RRSP. You have to fully complete Form T1036 for each withdrawal you make.

After completing Area 1 of Form T1036, give it to your RRSP issuer who must complete Area 2. Your RRSP issuer will not withhold tax from the funds you withdraw if you meet the applicable HBP conditions. Your RRSP issuer will send you a T4RSP slip, Statement of RRSP Income, showing the amount you withdrew under the HBP in box 27. You have to attach this slip to your income tax return.

Your RRSP deduction may be affected by HBP participation

If you participate in the HBP, certain rules limit your RRSP deduction for contributions you made to your RRSP during the 89-day period just before your withdrawal under the HBP. Under these rules, you may not be able to deduct all or part of the contributions made during this period for any year.

You cannot deduct the amount by which the total of your contributions to an RRSP, during the 89-day period just before your withdrawal from that RRSP, is more than the fair market value of that RRSP after the withdrawal.

The same rules apply if you contributed to your spouse's or common-law partner's RRSP during the 89-day period just before that individual made the withdrawal from the same RRSP under the HBP.

In other words, for contributions to be fully deductible that are made to an RRSP in the 89-day period just before an HBP withdrawal from that RRSP, the value of that RRSP after the withdrawal must be at least equal to those contributions.

You and your spouse or common-law partner can use the chart on page 17 of Guide RC4135, Home Buyers' Plan (HBP), to determine the part of the contributions you or your spouse or common-law partner made to an RRSP that is not deductible for any year.