John-S
New Member

Home Buyers Plan & RRSPs - 2 Questions: 1: Can you access money transferred from a RPP to RRSP (not locked) for the HBP? Second, do you report this transfer in sched 7?

My understanding is that you can access money in your RRSP for a HPB withdrawal, as long as it is in the account for at least 90 days and not locked-in, and meets the other conditions. It doesn't matter that it was transferred from an RPP because you changed/lost a job.

As for the second question about reporting Lump Sum RPP to RRSP direct transfers, as far as I can tell, you are not supposed to report such a Transfer in Schedule 7. The CRA website states, "In most cases, if you transfer an RPP lump-sum amount directly to another RPP, SPP, RRSP, PRPP or to a RRIF, you do not have to include any part of the amount in your income, and you cannot deduct it. However, the Income Tax Act limits the amount you may transfer on a tax-deferred basis from a defined benefit provision of an RPP to a money purchase provision of an RPP, an RRSP, or a RRIF."