This TurboTax FAQ tells you how to enter Home Buyers' Plan repayment information in TurboTax: https://turbotax.community.intuit.ca/turbotax-support/en-ca/help-article/manage-users/enter-home-buyers-plan-repayment-information/L39cbuXgQ_CA_en_CA?uid=lu64z3f8
What work around do users of TurboTax need to follow in order to claim unused RRSP contributions from previous years towards their HBP credit? Many other software websites have a workaround, except Turbo Tax (that I can find).
Thank you.
As per the Canada Revenue Agency (CRA) past year RRSP contributions are not eligible to be used to repay your HBP.
To make a repayment under the HBP, you have to make contributions to your RRSPs, PRPPs, or SPP in the year the repayment is due or in the first 60 days of the year after. Once your contributions are made, you can designate all or part of the contributions as a repayment.
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What about amounts contributed in the first 60 days of 2023? These are the amounts I am referring to, which were previously not used for HBP.
To repay your HBP due in the 2023 taxation year, you can use RRSP contributions made in the first 60 days of 2024. For steps, please see our TurboTax FAQ How do I enter my Home Buyers' Plan repayment information in TurboTax?
Thank you for choosing TurboTax.
Hi Ginette,
There appears to be some confusion. I have RRSP amounts which were contributed in the first 60 days of 2023 which were carried forward when my 2022 taxes were completed and which I would like to apply to my HBP this year. How does turbo tax allow the recognition of this so that amount can be used towards the 2023 HBP repayment for this 2023 tax year.
As per the CRA: To make a repayment under the HBP, you have to make contributions to your RRSPs, PRPPs, or SPP in the year the repayment is due or in the first 60 days of the year after. Once your contributions are made, you can designate all or part of the contributions as a repayment.
To designate your repayment, fill out Schedule 7, RRSP, PRPP, SPP Contributions and Transfers, and HBP and LLP Activities enter the amount of the repayment on line 24600, and attach it to your income tax and benefit return.
Thank you for choosing TurboTax.