Both my husband and I withdrew our RRSP in June 2016 through the HBP (1st time home buyers) to put a down payment on a newly built home. The house is not expected to finished until March 2017.
Now because we have to claim our T4RSP on the 2015 tax year do we also claim the purchase of our home even though we have not closed? for the First time home buyers credit?
In my eyes, I feel the T4RSP should align with the purchase of the home. Is that correct?
Hi
Per CRA, the First Time Homebuyer's Credit is claimed in the year that the home is acquired.
The T4RSP for the Homebuyer's plan, does not affect your tax return. It is for information purposes for CRA to complete the repayment schedule. Your repayment, to your own RRSP's, will be required in the 2nd year following the withdrawal, which also will be 2017 for you.
Hope this helps.
Christine
Hi
Per CRA, the First Time Homebuyer's Credit is claimed in the year that the home is acquired.
The T4RSP for the Homebuyer's plan, does not affect your tax return. It is for information purposes for CRA to complete the repayment schedule. Your repayment, to your own RRSP's, will be required in the 2nd year following the withdrawal, which also will be 2017 for you.
Hope this helps.
Christine