No, you should check NO in the box indicating that you must repay the Home Buyers' Plan (HBP). Your first repayment starts in the second year after the withdrawal. For example, if you withdraw funds in 2021, your repayments will begin in 2023.
Each year, the CRA will send you an HBP statement of account with your Notice Of Assessment (NOA). This statement will inform you of the amounts you have repaid so far, your remaining balance, and the amount you will need to pay in the upcoming year.
For more information, please see our TurboTax article. Acquiring a Home Through the Home Buyers’ Plan
Thank you for choosing TurboTax.
No, you should check NO in the box indicating that you must repay the Home Buyers' Plan (HBP). Your first repayment starts in the second year after the withdrawal. For example, if you withdraw funds in 2021, your repayments will begin in 2023.
Each year, the CRA will send you an HBP statement of account with your Notice Of Assessment (NOA). This statement will inform you of the amounts you have repaid so far, your remaining balance, and the amount you will need to pay in the upcoming year.
For more information, please see our TurboTax article. Acquiring a Home Through the Home Buyers’ Plan
Thank you for choosing TurboTax.