Withdraw HBP Repayment - Is This Allowed?
Something I was wondering today but I couldn't find an answer online.
If you take out funds under the Homebuyers Plan, and then start your repayments, can you then take those funds out again? Of course this would be considered taxable income, but does it affect the HBP repayment schedule? I understand you would also lose RRSP contribution room.
As an example:
2019 - You take $25k out of your RRSP under the HBP
2020 - You contribute $5k to your RRSP (attributing this as a HBP repayment when you do your taxes)
2021 - Can you now withdraw the $5k (as taxable income), as long as you make sure you also contribute your scheduled HBP repayment that year?