Seniors and students

When you're repaying your Home Buyer's Plan (HBP) withdrawal you specify an amount of your current tax year's RRSP contributions to your HBP payback.

If you haven't made any RRSP contributions in the tax year, you can't desginate an amount for HBP payback and the minimum payment amount will be added as income to your return.

For future tax years, make sure you are at least contributing the minimum HBP payback amount so you can avoid having this added as income to your return. You can find your minimum HBP payback amount both on your Canada Revenue Agency (CRA) Notice of Assessment or by logging into your CRA My Account.

Read more about making HBP paybacks:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-hom...