Home Buyers Plan Non Resident Page

You must be a resident of Canada.

The date you file your tax return for the year you left Canada. The 60th day after you became a non-resident. home buyers plan non resident

Because you cannot claim RRSP deductions as a non-resident, any "repayment" you make won't offset the income inclusion. Effectively, if you do not (or cannot) make the repayment, the required annual amount is simply added to your Canadian income. You would then file a Section 115 return (if applicable) or deal with the tax implications of that income. 4. The "First-Time Home Buyer" Definition You must be a resident of Canada

The primary risk for non-residents is the . Canada's tax system is designed to ensure that the HBP—which is a tax-deferred loan from your future self—is used to support the Canadian housing market. When you sever ties with the country, the CRA typically wants that tax-deferred money either back in the RRSP or taxed as immediate income. Because you cannot claim RRSP deductions as a

Failure to repay the balance within this timeframe results in the outstanding amount being added to your income for the year you left Canada, which could trigger a significant tax bill. 3. Ongoing Repayment Rules for Non-Residents