I over contributed to my RRSP in 2015 to repay my Home buyers. The excess amount of $4775 is not showing in the non-refundable tax credit when I review my Year over Year Comparison. The Home buyers amount showing in 2015 is 0.00. The amount in 2014 is $5000 although I did not make a repayment in 2014. Why is this?
RRSP contributes of any kind are never non-refundable tax credits.
Where permissible,RRSP contributions can be treated as deductions from income.
Over contributions are not deductible, since you are exceeding your Amount A deduction limit.
HBP repayments cannot be deducted, as you already deducted that amount in a previous year.
RRSP contributes of any kind are never non-refundable tax credits.
Where permissible,RRSP contributions can be treated as deductions from income.
Over contributions are not deductible, since you are exceeding your Amount A deduction limit.
HBP repayments cannot be deducted, as you already deducted that amount in a previous year.
Sorry, what I meant to ask was, why is the amount that I designated towards my Homebuyers I.e $4,000 not showing in the review summary section. It appears as $0.00 for 2015 and 2014 $5000. I did not repay my home buyers in 2014. I want to ensure its correct before submitting to CRA, otherwise I can be penalized for not repaying my home buyers.
Check your RRSP summary section to see if your HBP repayment shows up correctly.
If you don't repay in any year, you are not penalized. However, CRA then considers that you have permanently withdrawn your minimum payment for that year, and treats it as taxable income.
Also, note that your repayment amount is not deductible.( since it was already deducted in a previous year).
I don't want to spend time over contributing to repay home buyers and then paying taxes on the amount of home buyers owing for that particular year that was not captured in Turbotax when I file my return.