It would make total sense for the financial institution to be the HBP cops. The CRA, however, doesn’t seem as fixated with whether the funds are eligible to be withdrawn as they are on whether or not contributions made within that 90 day period are deductible from income.
Your RRSP deduction may be affected by your participation in the HBP
If you participate in the HBP, certain rules limit the deduction of your RRSP contributions made during the 89 day period before you withdrew funds under the HBP. Under these rules, you may not be able to deduct part or all of the contributions made during this period for any year.
During that period, you cannot deduct the amount by which the total of your contributions to an RRSP is more than the fair market value of that RRSP after the withdrawal.
The same rules apply if you contributed to your spouse’s or common-law partner’s RRSP during the 89 day period before that individual made the withdrawal from the same RRSP under the HBP.
In other words, for contributions made to an RRSP in the 89 day period to be fully deductible, the value of that RRSP after you withdrew funds must be at least equal to those contributions.
To determine the part of the contributions you or your spouse or common-law partner made to an RRSP that are not deductible for any year, you can use the calculation that follows.