What is the consequence of missing

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In 2015, Erin O'Toole made Home Buyer's Plan (HBP) withdrawals that totalled $18,000. Relative to the 2020 taxation year, Mr. O'Toole failed to make his regular minimum repayment to his RRSP. He did not miss a payment in previous years, but he has not overpaid on any previous minimum required payment. What is the consequence of missing this first HBP repayment?

$1,200 is treated as taxable income to Mr. O'Toole

$1,800 is treated as taxable income to Mr. O'Toole

$15,600 is treated as taxable income

Mr. O'Toole may file an election to extend his repayment schedule by one year

Reference no: EM132893316

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