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New Member
posted May 4, 2021 3:12:57 PM

I withdrew RRSPS for the HBP in November 2019 to make my deposit but I did not close on the home / take possession until January 2021. How do I fill this out on taxeS?

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Level 2
Nov 25, 2021 11:39:36 AM

According to CRA, the conditions to be eligible to participate in the HBP under "Your RRSP deduction may be affected by your participation in the HBP", the withdraw that you made in November 2019 from RRSP does not qualify for HBP because you cannot buy or build a qualifying home before October 1st of the year after the year of the withdrawal (October 1st, 2020). 
However, your withdrawal will not be taxed if you choose to cancel and repay the full amount you withdrew under the HBP to your RRSPs. Any amount of your withdrawal that is not repaid will be reported as income on line 12900 of your income tax and benefit return for the year in which the funds were received.

In addition, there are some extensions that could be considered to qualify the HBP from your RRSP withdraws. You can check the link here: Extensions for buying or building a qualifying home or replacement property 

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