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 ??
Non-residency and HBP
Re: Non-residency and HBP
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.
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.