January 19, 2021 1:31 PM
To clarify how a participant in the Home Buyer's Plan designates a repayment, your description is quite accurate.
- CRA will let you know what your HBP Minimum Repayment Amount is, as well as other detail of your HBP account on your Notice of Assessment (NOA). You can also find this information by viewing it in your Online CRA My Account.
- In order to designate a repayment, you must make a contribution to an RRSP within the tax year or the 1st 60 days of the year after.
- It is not necessary to contribute to the same RRSP you withdrew funds from, nor do you need to advise the institution that you are making an HBP repayment.
- You will receive an RRSP Contribution slip (receipt) and report it on your tax return in the same way you have reported contributions in the past.
- You will then choose to "designate" a repayment. You can choose to make the "minimum required amount", or you can designate up to the full amount of your contribution.
More information can be found in this FAQ from TurboTax: How do I enter my Home Buyers’ Plan repayment information in TurboTax?
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