PDF
Word
This version of the form is not currently in use and is provided for reference only. Download this version of
Form RC471
for the current year.
Form RC471 Home Buyers' Plan (Hbp) - Cancellation - Canada
Form RC471 Home Buyers' Plan (Hbp) - Cancellation - Canada is used to cancel or withdraw from the Home Buyers' Plan (HBP) in Canada. The HBP allows qualifying individuals to withdraw funds from their Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home. If you no longer wish to participate in the HBP, you can use this form to cancel your participation.
The Form RC471 Home Buyers' Plan (HBP) - Cancellation in Canada is typically filed by the individual who wants to cancel their participation in the Home Buyers' Plan.
FAQ
Q: What is Form RC471?
A: Form RC471 is the cancellation form for the Home Buyers' Plan (HBP) in Canada.
Q: What is the Home Buyers' Plan (HBP)?
A: The Home Buyers' Plan (HBP) is a program in Canada that allows first-time home buyers to withdraw funds from their registered retirement savings plan (RRSP) to purchase or build a home.
Q: Why would I need to cancel my participation in the HBP?
A: You may need to cancel your participation in the HBP if you are no longer eligible or if you change your mind about participating.
Q: How do I cancel my participation in the HBP?
A: To cancel your participation in the HBP, you need to complete and submit Form RC471 to the Canada Revenue Agency (CRA).
Q: Are there any penalties for cancelling my participation in the HBP?
A: There are no penalties for cancelling your participation in the HBP, but you may have to repay any amounts you withdrew.
Q: Can I participate in the HBP again after cancelling?
A: Yes, you can participate in the HBP again in the future if you meet the eligibility criteria.
Q: What happens if I don't repay the amounts I withdrew from my RRSP for the HBP?
A: If you do not repay the amounts you withdrew from your RRSP for the HBP, they will be added to your taxable income and you may have to pay additional taxes.
Q: Can I cancel my participation in the HBP after I have already purchased or built a home?
A: No, you cannot cancel your participation in the HBP after you have already purchased or built a home using the withdrawn funds.
Q: Can I transfer the withdrawn funds from the HBP to a different RRSP?
A: No, the withdrawn funds from the HBP must be repaid to the same RRSP from which they were originally withdrawn.
