If i have sold my house and not purchased a new one, do i still need to continue paying my HBP repayment this year and for years to come?

If you qualify and choose to cancel your participation and do not make an HBP repayment or a cancellation payment to any of your existing RRSPs, or a new RRSP for yourself, the funds you withdrew that have not been repaid must be included as income online 12900 of your income tax and benefit return for the year you received the funds. For more detailed information visit the Canada Revenue Agency (CRA) website in the link How to cancel participation in the Home Buyers’ Plan (HBP). 

To cancel your participation in paying HBP,  you can do the following:

1. Make a cancellation payment(s) to any of your existing RRSPs, or a new RRSP for yourself by the due date.

2. Write a letter to the Canada Revenue Agency (CRA) explaining the reason for your cancellation with a filled-out

    Form RC471, Home Buyers' Plan (HBP) Cancellation. 

3. Attach your cancellation payment receipt(s) for any repayment(s) to your letter.

4. Send both the receipt(s) and the letter and the filled out Form RC471, Home Buyers' Plan (HBP) Cancellation to the CRA.

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