After you convert your RRSP into an RRIF, you will no longer be allowed to make contributions to your RRSP and you are not permitted to contribute into an RRIF. As a result, prior to converting your RRSP to the RRIF, you can either contribute sufficient funds to your RRSP that will reduce your outstanding HBP balance to zero, or include the outstanding balance in your taxable income.
Related Questions