The amount in Box 27 of your T4RRSP is not included in income. When completing the RRSP section of your return, you will enter the amount from Box 27 and answer the questions regarding the HBP withdrawal. If you choose to designate any of your RRSP contributions as a repayment, then you will enter the amount you are designating. Remember, you are not required to designate or repay any HBP amounts for 2015. You should also be aware that any of your RRSP contributions that you choose to designate as a repayment are not deductible in calculating you income. They simply reduce the repayable balance owing in your HBP
