- May 2, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Unresolved issue with RRSP withdrawal for First Time Home Buyers Plan
In the year 2020, we took a significant step towards homeownership by purchasing our first home. To assist with the down payment, we withdrew $8,000 from our Registered Retirement Savings Plan (RRSP) under the First Time Home Buyers Plan (FTHBP). Since then, on an annual basis, I have consistently reported our RRSP contributions going back into the FTHBP when filing our taxes.
Recently, while accessing the CRA website, I came across a tab related to the Home Buyers Plan. To my surprise, it indicated that I did not have a record of using the FTHBP. As a result, I reached out to the CRA for clarification, and after an initial inquiry, they confirmed that there was no documentation of my participation in the FTHBP. They advised me to contact my bank for further investigation.
Subsequently, I contacted my financial institution, BMO, only to discover that they had no record of my RRSP withdrawal specifically designated for the FTHBP. They questioned the validity of my claim and asked if I was certain about utilizing the funds for the intended purpose.
Despite possessing evidence of the $8,000 withdrawal from my RRSP, I lack documentation linking this transaction to the Home Buyers Plan. With conflicting information from both the CRA and my bank, I am at a loss regarding the next steps to rectify this unsettling discrepancy.
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****** just grabbed a
1) Did you fill you from the RRSP for HBP back in 2020?
2) For the 2020 ax year, did your T4RSP slip have box 27 filled out for HBP withdrawal?