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New Member
posted Apr 21, 2022 1:09:53 PM

I withdrew from my RRSP under the Home buyers plan. What section or option do I select where I indcate that made this withdraw? T4RSP? I dont recall getting one?

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6 Replies
Returning Member
Mar 20, 2024 3:06:23 PM

The page you mention on to enter the HBP withdrawal information is not clear. Neither box on the page sound like it is meant for HBP Withdrawals. The 2 options are:

 

RRSP contributions within an 89-day period just before your withdrawal under the HBP from that RRSP (not including designated transfers

 and other amounts)


Fair market value of the RRSP immediately after the withdrawal

Can you please clarify which option is correct? I withdrew $35000 from my RRSP for the HBP.

 

Moderator
Mar 20, 2024 3:28:52 PM

If you withdrew from your RRSP under the HBP program, then you would get a T4RSP slip with the withdrawal amount on it. You only need to enter the T4RSP to report the withdrawal. 

Returning Member
Mar 20, 2024 4:01:27 PM

Right, but where do you enter that? I followed the steps above and the two options to enter an amount are:

RRSP contributions within an 89-day period just before your withdrawal under the HBP from that RRSP (not including designated transfers

 and other amounts)


or

Fair market value of the RRSP immediately after the withdrawal

Moderator
Mar 20, 2024 4:19:21 PM

@anthonyloh Use the “Find” tool 🔍 to search for “T4RSP”. 

Returning Member
Mar 20, 2024 4:33:23 PM

Thank you TurboTaxSusan, I found the section you mentioned to enter a T4RSP. 

Does this mean the initial reply to this post incorrect? It mentions entering information under the Home Buyers Plan section of RRSP. This is the information that confused me.

Moderator
Mar 20, 2024 4:48:30 PM

@anthonyloh 

The person who provided the original answer may have not understood the question.