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drob0472
drob0472
Level 1
posted
2 weeks ago
last updated ‎October 31, 2019 5:10 AM

2018 HBP and LLP repayment required but not made and included in income? I pay $90 per month towards RRSP. HBP also shows '2018 repayments to date ' at $0

I started HBP in 2011 when i purchased a home. I pay $90 each month to pay back to my RRSP under the HBP. 

Why does it say "2018 HBP and LLP repayment required but not made and included in income? "

CRA shows:  2018 required repayment  - $1,000.00

2018 repayments to date - $0.00

2018 required repayment remaining $1,000.00

*Any idea why it says this when I have been paying since 2011 RRSP towards the HBP? Is there a delay?

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4 Replies
TurboTaxMary-Ann1
Moderator
Moderator
2 weeks ago

2018 HBP and LLP repayment required but not made and included in income? I pay $90 per month towards RRSP. HBP also shows '2018 repayments to date ' at $0

When using TurboTax Online, click on Find in the top right-hand corner, type RRSP profile, select it and click Go.  Put a checkmark next to, "Made RRSP contributions during 2018 or the first 60 days of 2019" and put checkmarks next to, "Repayment or withdrawals for the Home Buyers Plan (HBP)" and "Repayment or withdrawals for the Lifelong Learning Plan (LLP)" and click Continue.  Enter your RRSP deduction limit and your RRSP contributions.  Click on Continue, you will be prompted to enter your HBP repayments and your LLP repayments.

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drob0472
drob0472
Level 1
2 weeks ago

2018 HBP and LLP repayment required but not made and included in income? I pay $90 per month towards RRSP. HBP also shows '2018 repayments to date ' at $0

What is LLP? How do i know if i contribute to it? Also, Under HBP it shows the amount owing yet, then it shows the annual minimum payment amount of $1000.00. Then it says "Enter the amount you wish to designate as a Home Buyers' Plan repayment" ...do i have to do this or do I leave it? I thought my RRSP contributions automatically go towards HBP repayment. Please advise
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TurboTaxMary-Ann1
Moderator
Moderator
2 weeks ago

2018 HBP and LLP repayment required but not made and included in income? I pay $90 per month towards RRSP. HBP also shows '2018 repayments to date ' at $0

LLP is the life long learning plan.  It applies when you withdraw money from your RRSP's to attend post-secondary school.  Unless you designate your RRSP contributions as HBP repayments, it does not happen automatically.  It will simply count as an RRSP contribution and your repayment amount will be added to your income.

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drob0472
drob0472
Level 1
2 weeks ago

2018 HBP and LLP repayment required but not made and included in income? I pay $90 per month towards RRSP. HBP also shows '2018 repayments to date ' at $0

OK, so no LLP for me. However, for HBP it shows me the balance owed. It shows me the minimum required annual repayment. Then under that it says "Enter the amount you wish to designate as a Home Buyers' Plan repayment"......so do i simply put in the minimum required annual repayment amount or above in this place? It was set at $0.00
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