The HBP participant reaches the age of 71

You will not be able to repay any funds you withdrew from your RRSP after the end of the year you reach the age of 71. This is because you cannot contribute to an RRSP after the end of the year in which you turn 71 years of age.

In the year you turn 71, you can choose one of the following:

• repay the remaining repayable balance to your RRSPs, PRPPs or SPP
• make a partial repayment to your RRSPs, PRPPs or SPP. Your remaining repayable balance at the beginning of the year you turn 72 will be divided by the number of years remaining in your repayment period. That calculated amount will be included as income on line 12900 of your income tax return for each of the years after
• make no repayment to your RRSPS, PRPPs or SPP. Your repayable balance at the beginning of the year you turn 71 will be divided by the numbers of years remaining in your repayment period. That amount will be included as income on line 12900 of your income tax return for each of the years after

To learn more, refer to Home Buyers' Plan.