topic For the Home Buyers' Plan repayment you can only specify... in Seniors and students https://turbotax.community.intuit.ca/community/seniors-students/discussion/for-the-home-buyers-plan-repayment-you-can-only-specify/01/905652#M2632 <P>For the Home Buyers' Plan repayment you can only specify a portion equal to or less than&nbsp;your RRSP contributions. If you haven't made any RRSP contributions, you will not be able to specify a repayment amount and the annual minimum repayment will be added (and taxed) as income.</P> Wed, 30 Oct 2019 12:12:38 GMT Jocelyn-TurboTax 2019-10-30T12:12:38Z I can't complete the HBP section. I didn't make an RRSP contribution. https://turbotax.community.intuit.ca/community/seniors-students/discussion/i-can-t-complete-the-hbp-section-i-didn-t-make-an-rrsp-contribution/01/905651#M2631 Wed, 30 Oct 2019 12:12:36 GMT https://turbotax.community.intuit.ca/community/seniors-students/discussion/i-can-t-complete-the-hbp-section-i-didn-t-make-an-rrsp-contribution/01/905651#M2631 vamosjean 2019-10-30T12:12:36Z For the Home Buyers' Plan repayment you can only specify... https://turbotax.community.intuit.ca/community/seniors-students/discussion/for-the-home-buyers-plan-repayment-you-can-only-specify/01/905652#M2632 <P>For the Home Buyers' Plan repayment you can only specify a portion equal to or less than&nbsp;your RRSP contributions. If you haven't made any RRSP contributions, you will not be able to specify a repayment amount and the annual minimum repayment will be added (and taxed) as income.</P> Wed, 30 Oct 2019 12:12:38 GMT https://turbotax.community.intuit.ca/community/seniors-students/discussion/for-the-home-buyers-plan-repayment-you-can-only-specify/01/905652#M2632 Jocelyn-TurboTax 2019-10-30T12:12:38Z Thank you. So I just go back and say no to that section? https://turbotax.community.intuit.ca/community/seniors-students/discussion/thank-you-so-i-just-go-back-and-say-no-to-that-section/01/905653#M2633 Thank you. So I just go back and say no to that section? Wed, 30 Oct 2019 12:12:39 GMT https://turbotax.community.intuit.ca/community/seniors-students/discussion/thank-you-so-i-just-go-back-and-say-no-to-that-section/01/905653#M2633 vamosjean 2019-10-30T12:12:39Z You still need to indicate that you do have HBP. But in t... https://turbotax.community.intuit.ca/community/seniors-students/discussion/you-still-need-to-indicate-that-you-do-have-hbp-but-in-t/01/905654#M2634 You still need to indicate that you do have HBP. But in the question that asks you how much of your RRSP contribution to designate for HBP, this should be 0. Wed, 30 Oct 2019 12:12:40 GMT https://turbotax.community.intuit.ca/community/seniors-students/discussion/you-still-need-to-indicate-that-you-do-have-hbp-but-in-t/01/905654#M2634 Jocelyn-TurboTax 2019-10-30T12:12:40Z Great. Thanks https://turbotax.community.intuit.ca/community/seniors-students/discussion/great-thanks/01/905655#M2635 Great. Thanks Wed, 30 Oct 2019 12:12:42 GMT https://turbotax.community.intuit.ca/community/seniors-students/discussion/great-thanks/01/905655#M2635 vamosjean 2019-10-30T12:12:42Z Re: Great. Thanks https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-great-thanks/01/1797467#M11095 <P>I have a question about the HBP.</P><P>A) is the repayment to the HBP made automatically?&nbsp; or do I, firstly, need to a) pay into the RRSP b) get the slips for the RRSP and then come tax time, label and designate the amount that I "manually paid" to the RRSP account, as 1/15th of a HBP.&nbsp;&nbsp;</P><P>&nbsp;</P><P>I had thought that since I designated on the taxes that it can off automatically.&nbsp; Is this not the case? Just a bit confused as to how the process works.</P> Wed, 13 Jan 2021 18:08:13 GMT https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-great-thanks/01/1797467#M11095 KylaCourage78 2021-01-13T18:08:13Z Re: Great. Thanks https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-great-thanks/01/1810265#M11105 <P><LI-USER uid="2909943" login="KylaCourage78"></LI-USER></P> <P>&nbsp;</P> <P>To clarify how a participant in the Home Buyer's Plan <STRONG><EM>designates a repayment,&nbsp;</EM></STRONG>your description is quite accurate.&nbsp;</P> <UL> <LI>CRA will let you know what your <STRONG>HBP Minimum Repayment Amount </STRONG>is, as well as other detail of your HBP account on your Notice of Assessment (NOA). You can also find this information by viewing it in your Online CRA My Account.</LI> <LI>In order to designate a repayment, you must make a contribution to&nbsp;an RRSP within the tax year or the 1st 60 days of the year after.&nbsp; <UL> <LI><EM>It is not necessary to contribute to the same RRSP you withdrew funds from, nor do you need to advise the institution that you are making an HBP repayment.</EM></LI> </UL> </LI> <LI>You will receive an RRSP Contribution slip (receipt) and report it on your tax return in the same way you have reported contributions in the past.&nbsp;</LI> <LI>You will then choose to "designate" a repayment. You can choose to make the "minimum required amount", or you can designate up to the full amount of your contribution.&nbsp;</LI> </UL> <P>More information can be found in this FAQ from TurboTax:&nbsp;<A href="https://turbotax.community.intuit.ca/community/family-education/help/how-do-i-enter-my-home-buyers-plan-repayment-information-in-turbotax/00/873694" target="_blank">How do I enter my Home Buyers’ Plan repayment information in TurboTax?</A></P> Tue, 19 Jan 2021 21:31:53 GMT https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-great-thanks/01/1810265#M11105 TurboTaxKim 2021-01-19T21:31:53Z
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topic For the Home Buyers' Plan repayment you can only specify... in Seniors and students
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https://turbotax.community.intuit.ca/community/seniors-students/discussion/for-the-home-buyers-plan-repayment-you-can-only-specify/01/905652#M2632
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<P>For the Home Buyers' Plan repayment you can only specify a portion equal to or less than&nbsp;your RRSP contributions. If you haven't made any RRSP contributions, you will not be able to specify a repayment amount and the annual minimum repayment will be added (and taxed) as income.</P>
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<pubDate>Wed, 30 Oct 2019 12:12:38 GMT</pubDate>
<dc:creator>Jocelyn-TurboTax</dc:creator>
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I can't complete the HBP section. I didn't make an RRSP contribution.
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https://turbotax.community.intuit.ca/community/seniors-students/discussion/i-can-t-complete-the-hbp-section-i-didn-t-make-an-rrsp-contribution/01/905651#M2631
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<pubDate>Wed, 30 Oct 2019 12:12:36 GMT</pubDate>
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<dc:date>2019-10-30T12:12:36Z</dc:date>
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For the Home Buyers' Plan repayment you can only specify...
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https://turbotax.community.intuit.ca/community/seniors-students/discussion/for-the-home-buyers-plan-repayment-you-can-only-specify/01/905652#M2632
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<P>For the Home Buyers' Plan repayment you can only specify a portion equal to or less than&nbsp;your RRSP contributions. If you haven't made any RRSP contributions, you will not be able to specify a repayment amount and the annual minimum repayment will be added (and taxed) as income.</P>
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<pubDate>Wed, 30 Oct 2019 12:12:38 GMT</pubDate>
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https://turbotax.community.intuit.ca/community/seniors-students/discussion/for-the-home-buyers-plan-repayment-you-can-only-specify/01/905652#M2632
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<dc:creator>Jocelyn-TurboTax</dc:creator>
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Thank you. So I just go back and say no to that section?
</title>
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https://turbotax.community.intuit.ca/community/seniors-students/discussion/thank-you-so-i-just-go-back-and-say-no-to-that-section/01/905653#M2633
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Thank you. So I just go back and say no to that section?
</description>
<pubDate>Wed, 30 Oct 2019 12:12:39 GMT</pubDate>
<guid>
https://turbotax.community.intuit.ca/community/seniors-students/discussion/thank-you-so-i-just-go-back-and-say-no-to-that-section/01/905653#M2633
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<dc:creator>vamosjean</dc:creator>
<dc:date>2019-10-30T12:12:39Z</dc:date>
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You still need to indicate that you do have HBP. But in t...
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https://turbotax.community.intuit.ca/community/seniors-students/discussion/you-still-need-to-indicate-that-you-do-have-hbp-but-in-t/01/905654#M2634
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You still need to indicate that you do have HBP. But in the question that asks you how much of your RRSP contribution to designate for HBP, this should be 0.
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<pubDate>Wed, 30 Oct 2019 12:12:40 GMT</pubDate>
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<dc:creator>Jocelyn-TurboTax</dc:creator>
<dc:date>2019-10-30T12:12:40Z</dc:date>
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<title>Great. Thanks</title>
<link>
https://turbotax.community.intuit.ca/community/seniors-students/discussion/great-thanks/01/905655#M2635
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<description>Great. Thanks</description>
<pubDate>Wed, 30 Oct 2019 12:12:42 GMT</pubDate>
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<dc:creator>vamosjean</dc:creator>
<dc:date>2019-10-30T12:12:42Z</dc:date>
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<title>Re: Great. Thanks</title>
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https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-great-thanks/01/1797467#M11095
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<P>I have a question about the HBP.</P><P>A) is the repayment to the HBP made automatically?&nbsp; or do I, firstly, need to a) pay into the RRSP b) get the slips for the RRSP and then come tax time, label and designate the amount that I "manually paid" to the RRSP account, as 1/15th of a HBP.&nbsp;&nbsp;</P><P>&nbsp;</P><P>I had thought that since I designated on the taxes that it can off automatically.&nbsp; Is this not the case? Just a bit confused as to how the process works.</P>
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<pubDate>Wed, 13 Jan 2021 18:08:13 GMT</pubDate>
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https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-great-thanks/01/1797467#M11095
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<dc:creator>KylaCourage78</dc:creator>
<dc:date>2021-01-13T18:08:13Z</dc:date>
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<title>Re: Great. Thanks</title>
<link>
https://turbotax.community.intuit.ca/community/seniors-students/discussion/re-great-thanks/01/1810265#M11105
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<P><LI-USER uid="2909943" login="KylaCourage78"></LI-USER></P> <P>&nbsp;</P> <P>To clarify how a participant in the Home Buyer's Plan <STRONG><EM>designates a repayment,&nbsp;</EM></STRONG>your description is quite accurate.&nbsp;</P> <UL> <LI>CRA will let you know what your <STRONG>HBP Minimum Repayment Amount </STRONG>is, as well as other detail of your HBP account on your Notice of Assessment (NOA). You can also find this information by viewing it in your Online CRA My Account.</LI> <LI>In order to designate a repayment, you must make a contribution to&nbsp;an RRSP within the tax year or the 1st 60 days of the year after.&nbsp; <UL> <LI><EM>It is not necessary to contribute to the same RRSP you withdrew funds from, nor do you need to advise the institution that you are making an HBP repayment.</EM></LI> </UL> </LI> <LI>You will receive an RRSP Contribution slip (receipt) and report it on your tax return in the same way you have reported contributions in the past.&nbsp;</LI> <LI>You will then choose to "designate" a repayment. You can choose to make the "minimum required amount", or you can designate up to the full amount of your contribution.&nbsp;</LI> </UL> <P>More information can be found in this FAQ from TurboTax:&nbsp;<A href="https://turbotax.community.intuit.ca/community/family-education/help/how-do-i-enter-my-home-buyers-plan-repayment-information-in-turbotax/00/873694" target="_blank">How do I enter my Home Buyers’ Plan repayment information in TurboTax?</A></P>
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<dc:date>2021-01-19T21:31:53Z</dc:date>
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