Hello, I have a quick question about my 2023 unused RRSP for the tax return.
I am a Canadian trying to complete my 2024 tax return. I currently have $2000 for my unused RRSP and want to use $790 for my HBP and leave the rest of $1210 for 2025 tax return but for some reason the Turbo Tax does not give me the option to do so. The $1210 wont carry over and forces me to spend all for the 2024. What can I do to carry the $1210 for 2025?
Thank you in advance.
Can you clarify which return you are filing? The US 1040 or your Candian Tax Return?
@yoonbunsik1 As per CRA, to make a repayment under the HBP, you have to make contributions to your RRSPs in the year the repayment is due or in the first 60 days of the year after. Once your contributions are made, you can designate all or part of the contributions as a repayment.
This means your designated repayment amount should be from the current tax year contributions.
For more information about HBP, we invite you to consult this link:
How to repay the amounts withdrawn from your RRSPs under the Home Buyers' Plan
Thank you for choosing TurboTax.