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

Form RC471 Home Buyers' Plan (HBP) - Cancellation is used in Canada to cancel a withdrawal made under the Home Buyers' Plan (HBP).

The Form RC471 Home Buyers' Plan (HBP) Cancellation in Canada is filed by the individual who wants to cancel their participation in the Home Buyers' Plan.

FAQ

Q: What is Form RC471 Home Buyers' Plan (HBP) Cancellation?
A: Form RC471 is used in Canada to cancel or amend your participation in the Home Buyers' Plan (HBP).

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

Q: Why would I need to cancel or amend my participation in the Home Buyers' Plan (HBP)?
A: You may need to cancel or amend your participation in the Home Buyers' Plan (HBP) if you no longer meet the eligibility criteria or if there are changes to your home purchase or build.

Q: How do I cancel or amend my participation in the Home Buyers' Plan (HBP)?
A: To cancel or amend your participation in the Home Buyers' Plan (HBP), you need to complete Form RC471 and submit it to the Canada Revenue Agency (CRA). The form includes instructions on how to fill it out and where to send it.

Q: Are there any deadlines for submitting Form RC471 Home Buyers' Plan (HBP) Cancellation?
A: There are no specific deadlines for submitting Form RC471 Home Buyers' Plan (HBP) Cancellation, but it is recommended to submit the form as soon as possible if you no longer meet the eligibility criteria or if there are changes to your home purchase or build.

Q: What happens after I submit Form RC471 Home Buyers' Plan (HBP) Cancellation?
A: After you submit Form RC471 Home Buyers' Plan (HBP) Cancellation, the CRA will review your request and provide further instructions or confirmation of the cancellation or amendment.