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posted Mar 25, 2021 8:29:04 AM

If have withdrawn from my rsp for the home buyers plan. The amount is showing as income although the amount is from box 22 on the t4rsp. How do I designate it properly?

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Level 6
Mar 26, 2021 9:21:31 AM

Thanks for your question.  Commutation or withdrawal payments are shown in box 22 of a T4RSP slip. Report the income on line 12900 of your Income Tax return. Please click here for more information. 

 

The amount for a Home Buyers' Plan (HBP) is not usually seen in box 22 of the T4RSP.  As per the Canada Revenue Agency: "To make an eligible withdrawal, an individual has to use Form T1036, Home Buyers’ Plan (HBP) Request to Withdraw Funds from an RRSP. The individual can withdraw up to $35,000. Any amount withdrawn that is more than the withdrawal limit is reported in box 22."

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