Quote:
Originally Posted by RiceIntegraRS
Anyone know alot about the Home Buyers Plan Program? Long story short the CRA sent me a letter last month that stated that my HBP withdrawal (20K) in April 2017 wasnt eligible cause i also withdrew in October 2016(5K). But it was for a presale condo and there deposit structure was 10% April 2016, 5% Oct 2016, and the final 5% April 2017. I sent in all the documentation that shows this plus photo copies of bank drafts being sent to the developer and every other possible document i could find to back it up but today CRA mailed me a letter today stating that it wasnt sufficient enough. They said i owed them $7500 and additional $800 in interest and that i would have to pay back in 2 weeks if i didnt want to incur any more interest penalties. At the time i did my own taxes so i didnt have an accountant and the financial institution i "had" my rrsps with couldnt help me cause i closed my account with them in 2018 and all my files and documents were now gone.
So if anyone knows more about the subject please PM me. Ill be asking my work accountant and some other people i that may know more on the subject tommorow but in the meantime thought id give Revscene a try. Thanks
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Be specific - what EXACT reason did they cite for denying your claim?
Was it the fact there were multiple withdrawals, timing of the claim, eligibility of actually being a first time home buyer, etc? They must provide some information as to why specifically they are denying the application.
Without that, we are just guessing.
-Mark