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    Anonymous
    Not applicable

    Purchased house in 2016, start repaying HBP in 2016?

     
    posted
    ‎October 30, 2019 12:20 AM
    last updated ‎October 30, 2019 12:20 AM
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    TurboTaxJeffrey
    New Member

    Purchased house in 2016, start repaying HBP in 2016?

    You have two years before you are required to show repayment of the HBP.  If you did purchase RRSPs in 2016, or the first two months of 2017, use them all for the deduction and get the tax break. 

    http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/rpymnts/menu-eng.html

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    ‎October 30, 2019 12:20 AM
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    1 Reply
    TurboTaxJeffrey
    New Member

    Purchased house in 2016, start repaying HBP in 2016?

    You have two years before you are required to show repayment of the HBP.  If you did purchase RRSPs in 2016, or the first two months of 2017, use them all for the deduction and get the tax break. 

    http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/rpymnts/menu-eng.html

    ‎October 30, 2019 12:20 AM
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