RRIF Conversion and HBP Repayment

Preparing for life after work. RRSPs, RRIFs, TFSAs, annuities and meeting future financial and psychological needs.
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Shakespeare
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RRIF Conversion and HBP Repayment

Post by Shakespeare »

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?
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adrian2
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Re: RRIF Conversion and HBP Repayment

Post by adrian2 »

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?
That is 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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Shakespeare
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Re: RRIF Conversion and HBP Repayment

Post by Shakespeare »

Since I'm in RRSP drawdown now, there is no need to add more money. :wink:
Sic transit gloria mundi. Tuesday is usually worse. - Robert A. Heinlein, Starman Jones
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