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: 

I am getting an error saying that 'I can't designate unused RRSP contribution as repayment for LLP' - which I'm not trying to designate anyway - not sure why the error

 
1 Reply

I am getting an error saying that 'I can't designate unused RRSP contribution as repayment for LLP' - which I'm not trying to designate anyway - not sure why the error

Payment to HBP has to be designated from this year's RRSP own contribution. 

To break it down, you can have in your profile the following contributions:

1- Own Contributions: made for the current tax year March 2, 2019 - Dec 31, 2019, and Jan 1, 2020 - March 1, 2020

2- Unused Contribution: made in prior tax years, reported in your taxes,  but have not been deducted yet 

3- Spousal Contributions: RRSP you contribute to your spouse's account

 

HBP designated payment can be made only from the first group "own contribution made in the current tax year". 

Make sure to go back to your RRSP profile and check how you made the designation.