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

The Form RC471 Home Buyers' Plan (HBP) Cancellation in Canada is used to cancel your participation in the Home Buyers' Plan. The HBP allows you to withdraw funds from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home. If you no longer wish to participate in the HBP, you would use this form to cancel your participation.

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

FAQ

Q: What is Form RC471?
A: Form RC471 is the Home Buyers' Plan (HBP) Cancellation form in Canada.

Q: What is the Home Buyers' Plan (HBP)?
A: The Home Buyers' Plan (HBP) is a program that allows Canadian residents to withdraw money from their Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home.

Q: Why would I need to fill out Form RC471?
A: You would need to fill out Form RC471 if you want to cancel your participation in the Home Buyers' Plan and repay the amount you withdrew from your RRSP.

Q: How do I fill out Form RC471?
A: Form RC471 requires you to provide your personal information, details of the withdrawal made under the Home Buyers' Plan, and your signature.

Q: Can I cancel my participation in the Home Buyers' Plan?
A: Yes, you can cancel your participation in the Home Buyers' Plan by completing and submitting Form RC471.

Q: What happens when I cancel my participation in the Home Buyers' Plan?
A: When you cancel your participation, you will need to repay the amount you withdrew from your RRSP under the Home Buyers' Plan. The repayment is considered as a regular RRSP contribution and may be subject to the applicable tax rules.