Can I not use RRSP contributions that I made to a spousal RRSP as repayment to my HBP. I "assumed" that since I contributed the funds that I would be able to?

I need to repay my HBP withdrawl, I always just bought RRSP's in my name. This year I bought the RRSP in my wifes name (Spousal rrsp). TurboTax seems to say that I can't use them for repayment???

780

1 Best answer

Level 6

Oct 31, 2019 12:21:04 AM

You can't do that. You borrowed HBP out your own RRSP, not your spouse's.

You need to make a contribution to your own RRSP in order to repay HBP, otherwise CRA will assume you have withdrawn the amount in question. It then gets added to your income and is taxed.

Level 6

Oct 31, 2019 12:21:04 AM

You can't do that. You borrowed HBP out your own RRSP, not your spouse's.

You need to make a contribution to your own RRSP in order to repay HBP, otherwise CRA will assume you have withdrawn the amount in question. It then gets added to your income and is taxed.

New Member

Oct 31, 2019 12:21:05 AM

I thought that was the answer but hoped not. Too bad the bank folk didn't know when I bought them. Thanks

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Can I not use RRSP contributions that I made to a spousal RRSP as repayment to my HBP. I "assumed" that since I contributed the funds that I would be able to?