Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
XXXXXXXXXX
Dear XXXXXXXXXX
This is in reply to your letter of May 12, 1993, requesting information on the registered retirement savings plan ("RRSP") Home Buyers' Plan.
The provisions for the Home Buyers' Plan are in proposed section 146.01 of the Income Tax Act ("Act"). Normally, an amount withdrawn from an RRSP would be required to be included in income, however, where a withdrawal meets the definition of eligible amount in subsection 146.01(1) of the Act, it is excluded from income. The determination of eligible amount is made at the time of withdrawal and the criteria requires, amount other things, that the individual be a resident in Canada at the time of the withdrawal, and to have entered into a written agreement for the acquisition or construction of a home previous to that time. If the home is acquired prior to making the withdrawal, the withdrawal must be made within 30 days of the acquisition. The maximum amount that an individual can withdraw under the plan is $20,000.
A booklet entitled, "Home Buyers' Plan" is enclosed for your information which should answer any other questions you may have concerning your eligibility to participate in this program.
We trust this is satisfactory.
Yours truly,
Director Financial Industries DivisionRulings Directorate
All rights reserved. Permission is granted to electronically copy and to print in hard copy for internal use only. No part of this information may be reproduced, modified, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in a retrieval system for any purpose other than noted above (including sales), without prior written permission of Canada Revenue Agency, Ottawa, Ontario K1A 0L5
© Her Majesty the Queen in Right of Canada, 1993
Tous droits réservés. Il est permis de copier sous forme électronique ou d'imprimer pour un usage interne seulement. Toutefois, il est interdit de reproduire, de modifier, de transmettre ou de redistributer de l'information, sous quelque forme ou par quelque moyen que ce soit, de facon électronique, méchanique, photocopies ou autre, ou par stockage dans des systèmes d'extraction ou pour tout usage autre que ceux susmentionnés (incluant pour fin commerciale), sans l'autorisation écrite préalable de l'Agence du revenu du Canada, Ottawa, Ontario K1A 0L5.
© Sa Majesté la Reine du Chef du Canada, 1993
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