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In 2014, Stanley Kupp made Home Buyers Plan (HBP) withdrawals for a...

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In 2014, Stanley Kupp made Home Buyers Plan (HBP) withdrawals for a...

In 2014, Stanley Kupp made Home Buyers Plan (HBP) withdrawals for a total of $18,000. However, for the 2020 tax year, Stanley failed to make the required regular minimum repayment to his RRSP account. This is the first time he has missed a repayment and he never previously overpaid on a minimum required amount. What is the consequence to Stanley of missing his 2020 repayment?

Stanley may file an election to extend his repayment period by one year

$1,200 is treated as taxable income to Stanley on his 2020 tax return

$1,800 is treated as taxable income to Stanley on his 2020 tax return

$15,600 is treated as taxable income to Stanley on his 2020 tax return

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Answered by OutrightMaster on coursehero.com
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