Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 

If i bought a home in 2021 and started a HBP do i have to select the box that says "do you have to repay a HBP?" as it is not due until next year.

 
1 Best answer

Accepted Solutions

If i bought a home in 2021 and started a HBP do i have to select the box that says "do you have to repay a HBP?" as it is not due until next year.

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.             

View solution in original post

1 Reply

If i bought a home in 2021 and started a HBP do i have to select the box that says "do you have to repay a HBP?" as it is not due until next year.

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.