Funds that have been withdrawn under a Homebuyers plan (HBP) must be repaid to your RRSP, otherwise, they will be included in your taxable income. In the year of withdrawal, you will receive a T4RSP – Statement of RRSP Income slip with the amount of the withdrawal shown in Box 27. Generally, you have up to 15 years to repay your RRSP the amounts you withdrew. Your first repayment starts in the second year after the withdrawal. For example, if you withdraw funds in 2020, your repayments will begin in 2022.
Each year, the CRA will send you a Homebuyers plan HBP statement of account with your Notice Of Assessment (NOA). This statement will inform you of the amounts you have repaid so far, your remaining balance, and the amount you will need to pay in the upcoming year.
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