In $2015,$ Mr$.$ O'Toole made Home Buyer's Plan $($HBP$)$ withdrawals that totaled $$18,000.$ However, for the $2020$ tax year, he forgot to make his regular minimum repayment to his RRSP$.$ He did not miss a payment in previous years, and he has not overpaid any previous minimum required payment. What will happen to $Mr.$ O'Toole because he missed this 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