If I bought a took the first time home buys 35k out of my RRSP in Feb 2021, Do I need to claim that on my 2020 Tax return?

[Antomeister]

As per the Canada Revenue Agency (CRA), Starting in the year you make your first HBP withdrawal, you have to fill out and send the CRA a return every year until it is repaid. In the return there must be a Schedule 7 attached. Therefore, You do not have to claim it yet because you withdrew the money in 2021. You will have to claim your withdrawal for the First time Home Buyers Plan on your 2021 tax return. For more information, check out: CRA - Report Repayments

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