What if I fail to purchase a qualified home and I do not return the withdrawn funds by the December 31st deadline?
If you fail to purchase a qualified home and return the withdrawal by the deadline, the funds withdrawn will be included in your taxable income for the year that the HBP withdrawal was made, as if it was a regular taxable withdrawal from an RRSP.
Related Questions
- What is the Home Buyers’ Plan (HBP)?
- Who qualifies to participate in the HBP?
- How much can I withdraw from my RRSP under the HBP?
- My partner and I want to purchase a home. Can each of us make an HBP withdrawal from our RRSPs?
- My sisters and I want to buy a home together. Can we use the HBP?
- Do I have to include my HBP withdrawal in my income and thus pay income tax?
- How quickly do I have to repay the HBP withdrawal?
- When do I have to make my annual payment?
- What is the interest rate charged on the HBP withdrawal?
- What if I want to build a new home rather than buy an existing home?
- What if I want to buy an apartment, does it qualify?
- Years ago I used the HBP to purchase my first home. Can I use it again?
- What is the 5-year rule?
- If I am a first-time homebuyer, do I get any other benefits?
- What forms do I need to complete to apply for the First-Time Home Buyers’ Tax Credit?
- What forms do I need to complete to apply for the HBP?
- Does anyone with an RRSP qualify for the HBP?
- Do I have to identify the home I want to purchase under the HBP?
- What if I fail to purchase the home described in Section “B” of the application?
- What if I have not purchased a home by the October 1st deadline?
- What if I cannot find a substitute home or want to return the funds withdrawn under the HBP?
- Do I have to return the withdrawn funds to the same RRSP plan?
- If I return the HBP withdrawal to my RRSP, do I have to wait for 5 years before I can use the HBP again?
- Will withdrawing funds under the HBP impact my RRSP contributions?
- What happens if I die before fully repaying the HBP withdrawal?
- I have more than one RRSP. Can I withdraw from more than one account?
- I just bought a house. Can I still qualify to make an HBP withdrawal?
- I am moving back to Canada after living abroad for a number of years. Can I qualify to make an RRSP withdrawal under the HBP?
- How does the Canada Revenue Agency know that my HBP withdrawal was used to purchase a home?
- What is the actual acquiring date of a home that qualifies under the HBP?
- Can I make a HBP withdrawal from my Spousal RRSP?
- When do I make my annual HBP repayment?
- How do I make my annual HBP repayment?
- What if I currently do not have sufficient income and do not file an annual T1 Income Tax Return, how do I record my HBP repayment?
- Does my repayment impact my RRSP contribution limits?
- I understand that I must repay my HBP withdrawal over a 15-year period. Can I repay my withdrawal sooner?
- What if my repayment in a single year is less than the minimum annual repayment amount?
- Does the Canada Revenue Agency (CRA) keep track of the outstanding balance of my HBP withdrawal?
- Are there contributions that cannot be designated as a HBP repayment?
- What if I become a non-resident after my HBP withdrawal?
- I’ll be 71 years old next year and I am required to convert my RRSP into a Registered Retirement Income Fund (RRIF). How do I make my annual HBP repayments?
- I have already withdrawn funds from my RRSP under the HBP. Can I still withdraw funds under the Lifelong Learning Plan (LLP)?
- I have a Locked-In RRSP. Can I make an HBP withdrawal?
- Where can I go to obtain more details about the HBP?