RRIF Conversion and HBP Repayment
- Shakespeare
- Veteran Contributor
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- Joined: 15 Feb 2005 23:25
- Location: Calgary, AB
RRIF Conversion and HBP Repayment
Either this year or next, I will need to RRIF my RRSP. I will still be owing on my HBP, which I withdrew with no intention of repaying. So I assume I will continue have deemed income of $1333.33 year after the conversion until the HBP is repaid, correct?
Sic transit gloria mundi. Tuesday is usually worse. - Robert A. Heinlein, Starman Jones
Re: RRIF Conversion and HBP Repayment
That is correct.Shakespeare wrote: ↑09 Jan 2018 22:10 Either this year or next, I will need to RRIF my RRSP. I will still be owing on my HBP, which I withdrew with no intention of repaying. So I assume I will continue have deemed income of $1333.33 year after the conversion until the HBP is repaid, correct?
OTOH, you could tax shelter some additional monies by repaying the outstanding balance, either in cash or in kind, this year or next. If you have the money, it might not be a bad idea.
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“It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong.” [Richard P. Feynman, Nobel prize winner]
- Shakespeare
- Veteran Contributor
- Posts: 23396
- Joined: 15 Feb 2005 23:25
- Location: Calgary, AB
Re: RRIF Conversion and HBP Repayment
Since I'm in RRSP drawdown now, there is no need to add more money.
Sic transit gloria mundi. Tuesday is usually worse. - Robert A. Heinlein, Starman Jones