Non-residency and HBP

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VeryCurious
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Non-residency and HBP

Post by VeryCurious »

Scenario:

1) I repay the remainder of the HBP balance in one lump sum this year, i.e. October 2017.

2) I declare a departure return in 2018, as a non-resident (for tax purposes), for Jan 1, 2017.

Will I be taxed on the HBP as income ??
twa2w
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Re: Non-residency and HBP

Post by twa2w »

If you become a non-resident and you have an unpaid HBP balance, then you must choose one of the following options:

Repay the remaining balance to your RRSP by the earliest of the following dates:

- before the time you file your tax return for the year that you become a non-resident;
or
60 days after you become a non-resident.

Include the remaining balance as RRSP income on line 129 of your tax return for the year that you become a non-resident.
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