To participate in the HBP, you must meet specific residency requirements at two critical stages:
Because you cannot claim RRSP deductions as a non-resident, any "repayment" you make won't offset the income inclusion. Effectively, if you do not (or cannot) make the repayment, the required annual amount is simply added to your Canadian income. You would then file a Section 115 return (if applicable) or deal with the tax implications of that income. 4. The "First-Time Home Buyer" Definition
AI responses may include mistakes. For financial advice, consult a professional. Learn more home buyers plan non resident
While the HBP is a powerful tool for Canadian residents, the rules change significantly if you become a of Canada. 1. Eligibility at the Time of Withdrawal
If you successfully purchased a home under the HBP while a resident but subsequently moved abroad, your repayment schedule continues. However, there is a major catch: To participate in the HBP, you must meet
The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $60,000 from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home for yourself or for a related person with a disability.
Failure to repay the balance within this timeframe results in the outstanding amount being added to your income for the year you left Canada, which could trigger a significant tax bill. 3. Ongoing Repayment Rules for Non-Residents Learn more While the HBP is a powerful
You must be a resident of Canada.