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If I made a spousal RRSP contribution, can my spouse allocate an amount to HBP repayment?

 
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NazMusthafa
Level 4

If I made a spousal RRSP contribution, can my spouse allocate an amount to HBP repayment?

Thank you for choosing TurboTax.

As per CRA: Funds that have been withdrawn under an HBP must be repaid to your RRSP, otherwise, they will be included in your taxable income.

 

If you fail to make a contribution in any year, it doesn’t increase the future payments’ amounts. The missing payment will be added to line 12900 of your income tax return as an RRSP income. Then, future payments will not be changed. The amount you include on Line 12900 is the minimum repayment amount you have to repay as shown on your HPB statement of account, less any portion you paid. Your HBP balance will be reduced accordingly.

 

Contributions that cannot be designated as repayments:

 

Not all contributions you make to your RRSP(s), PRPP, or SPP in the repayment year or in the first 60 days of the year after can be designated as a repayment under the HBP. You cannot designate contributions that:

 

  • You make to your spouse's or common-law partner's RRSP(s) or specified pension plan (SPP) (or that they make to your RRSP)
  • You transfer directly to your RRSP(s), pooled registered pension plan (PRPP), or SPP from a registered pension plan (RPP), deferred profit-sharing plan (DPSP)registered retirement income fund (RRIF), a specified pension plan, or another RRSP or PRPP
  • You deducted as a re-contribution of an excess qualifying withdrawal that you designated to have a provisional past service pension adjustment approved
  • You designate as a repayment under the Lifelong Learning Plan (LLP) for the year
  • You made in the first 60 days of the repayment year, that you already deducted on your Income Tax and Benefit Return for the previous year
  • You already designated as a repayment for the previous year under the HBP or the LLP
  • You receive in the repayment year (such as retiring allowances) that you transfer to your RRSP(s), PRPP or SPP and deduct or will deduct on your Income Tax and Benefit Return for that year.

 

For further information please click on the Canada Revenue Agency (CRA) link below.

How to repay the funds withdrawn from RRSP(s) under the Home Buyers’ Plan (HBP)

View solution in original post

1 Reply
NazMusthafa
Level 4

If I made a spousal RRSP contribution, can my spouse allocate an amount to HBP repayment?

Thank you for choosing TurboTax.

As per CRA: Funds that have been withdrawn under an HBP must be repaid to your RRSP, otherwise, they will be included in your taxable income.

 

If you fail to make a contribution in any year, it doesn’t increase the future payments’ amounts. The missing payment will be added to line 12900 of your income tax return as an RRSP income. Then, future payments will not be changed. The amount you include on Line 12900 is the minimum repayment amount you have to repay as shown on your HPB statement of account, less any portion you paid. Your HBP balance will be reduced accordingly.

 

Contributions that cannot be designated as repayments:

 

Not all contributions you make to your RRSP(s), PRPP, or SPP in the repayment year or in the first 60 days of the year after can be designated as a repayment under the HBP. You cannot designate contributions that:

 

  • You make to your spouse's or common-law partner's RRSP(s) or specified pension plan (SPP) (or that they make to your RRSP)
  • You transfer directly to your RRSP(s), pooled registered pension plan (PRPP), or SPP from a registered pension plan (RPP), deferred profit-sharing plan (DPSP)registered retirement income fund (RRIF), a specified pension plan, or another RRSP or PRPP
  • You deducted as a re-contribution of an excess qualifying withdrawal that you designated to have a provisional past service pension adjustment approved
  • You designate as a repayment under the Lifelong Learning Plan (LLP) for the year
  • You made in the first 60 days of the repayment year, that you already deducted on your Income Tax and Benefit Return for the previous year
  • You already designated as a repayment for the previous year under the HBP or the LLP
  • You receive in the repayment year (such as retiring allowances) that you transfer to your RRSP(s), PRPP or SPP and deduct or will deduct on your Income Tax and Benefit Return for that year.

 

For further information please click on the Canada Revenue Agency (CRA) link below.

How to repay the funds withdrawn from RRSP(s) under the Home Buyers’ Plan (HBP)

View solution in original post

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