The pilot reported that during the landing touch down the airplane porpoised, and he elected to abort the landing. The flight instructor stated that the pilot raised the flaps, retracted the landing gear, and pulled back the power at the same time. The airplane descended and impacted the runway. The airplane then veered off the runway to the left and slid until the airplane impacted a canal, which resulted in substantial damage to the fuselage.

The pilot reported there were no pre-impact mechanical failures or malfunctions with the airframe or engine that would have precluded normal operation.