As per the CRA: Under the current rule, your repayment period starts the second year after the year when you made your first withdrawal from your RRSP under the HBP. A temporary repayment relief was introduced in 2024 to defer the start of the 15-year repayment period by an additional three years for participants making a first withdrawal between January 1, 2022, and December 31, 2025. Accordingly, the 15-year repayment period would start the fifth year following the year in which a first withdrawal was made. For example, if you made your first withdrawal in 2022, your first year of repayment will be 2027.
To designate your repayment, fill out Schedule 7, RRSP, PRPP and SPP Contributions and Transfers, and HBP and LLP Activities, and enter the amount of the repayment on line 24600 and attach it to your income tax and benefit return. You have to fill out and send the CRA an income tax and benefit return until you have repaid all of your HBP withdrawals or included them in your income.
Each year, the CRA will send you an HBP statement of account with your notice of assessment or reassessment. In some cases, the CRA will send you an HBP statement of account on Form T1028, Your RRSP, HBP, LLP and FHSA Information for 2024.
The statement will include:
the amount you have designated as a repayment so far (including any additional payments and amounts you included on your income tax and benefit return because they were not repaid)
your remaining HBP balance
the amount you have to contribute to your RRSPs, PRPPs or SPP and designate as a repayment for the following year
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