Form RC471 Home Buyers' Plan (Hbp) - Cancellation - Canada

Form RC471 Home Buyers' Plan (HBP) - Cancellation in Canada is used to cancel or withdraw from the Home Buyers' Plan. The Home Buyers' Plan allows first-time home buyers to withdraw funds from their Registered Retirement Savings Plan (RRSP) to purchase or build a qualifying home. If you no longer wish to participate in the HBP, Form RC471 is used to cancel your participation in the program.

The individual who wants to cancel their Home Buyers' Plan (HBP) in Canada files the Form RC471.

FAQ

Q: What is Form RC471?
A: Form RC471 is the form used to cancel 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 Plans (RRSP) to purchase or build a home.

Q: Why would someone need to cancel their Home Buyers' Plan (HBP)?
A: Someone may need to cancel their Home Buyers' Plan (HBP) if they no longer wish to participate in the program or if they are unable to meet the repayment requirements.

Q: How do I cancel my Home Buyers' Plan (HBP) in Canada?
A: To cancel your Home Buyers' Plan (HBP) in Canada, you need to complete and submit Form RC471 to the Canada Revenue Agency (CRA).

Q: Is there a deadline for cancelling the Home Buyers' Plan (HBP) in Canada?
A: There is no specific deadline for cancelling the Home Buyers' Plan (HBP) in Canada, but it is recommended to cancel as soon as you are no longer eligible or no longer wish to participate.

Q: What happens if I don't cancel my Home Buyers' Plan (HBP) in Canada?
A: If you don't cancel your Home Buyers' Plan (HBP) in Canada and fail to meet the repayment requirements, the withdrawn amount will be subject to income tax.

Q: Can I re-participate in the Home Buyers' Plan (HBP) after cancelling?
A: Yes, you can re-participate in the Home Buyers' Plan (HBP) in Canada after cancelling, as long as you meet the eligibility criteria.