When you withdraw from an RRSP for HBP, it is considered that the oldest contributions are withdrawn first. So if you have contributions equal to the amount withdrawn that were purchased earlier than 90 days ago, you are good.
Example:
You contribute $4,000 to your RRSPs in 2015. In March 2016, you contribute another $2,000. You then withdraw $3,000 from your RRSPs for the home buyer's plan April 1st. As at least $3,000 of your contributions were made before Jan 2nd 2016 (90 days before the HBP withdrawal), you are able to fully deduct the $2,000 contribution you made in March 2016.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/wthdrwl-eng.html
When you withdraw from an RRSP for HBP, it is considered that the oldest contributions are withdrawn first. So if you have contributions equal to the amount withdrawn that were purchased earlier than 90 days ago, you are good.
Example:
You contribute $4,000 to your RRSPs in 2015. In March 2016, you contribute another $2,000. You then withdraw $3,000 from your RRSPs for the home buyer's plan April 1st. As at least $3,000 of your contributions were made before Jan 2nd 2016 (90 days before the HBP withdrawal), you are able to fully deduct the $2,000 contribution you made in March 2016.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/wthdrwl-eng.html
So, in the scenario you describe, would you still need to report the value of the contributions in the 90 day period prior to withdrawal, and the value remaining in your RRSP after HBP withdrawal? Or can you just leave these blank?
sthibau1
New Member
melotaylor
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