paying back hbp loan after selling my first home ?

[Seesus]

asuming that i have used my RRSP against HBP for the first home (condo) that i purchased. following year, If i sold my condo as the preference changed and now i wanted to look for a house and move in rental for the interim. AT this point understanding that a full 25K RRSP was withdrawn for down payment, Do i now have to pay the hbp loan back in full ? or would i still have to pay it in yearly installments even after selling the house for which i used the RRSP for Down payment ?!

Am a little new at this so excuse me please if i sound out to lunch. Thanks in advance

 

[Wooba]

Yearly installments

 

[simuls]

It's your choice. You could pay it all back in one payment, or choose to continue the yearly installments, or, if your income is low enough and the tax hit advantageous, you could not pay it back and claim the yearly amount as income.

 

[Seesus]

It's your choice. You could pay it all back in one payment, or choose to continue the yearly installments, or, if your income is low enough and the tax hit advantageous, you could not pay it back and claim the yearly amount as income.

Thank You for feeding this information to me. I was thinking that i might have to return it all at once after selling the house if i was not to purchase another home. If thats not the case - I dont see a reason why i should pay it all back particulary if i want to buy another property some time soon after selling the prior one.

Thanks to all again !