If my RRSP limit is $20,000 and am required to make a Home Buyer plan pmt of $1,000, can I contribute $21,000 so that my RRSP contribt'n is $20,000 after the HBP payment?

Repayments to your Home Buyer's Plan do not affect your RRSP deduction limit. You can still contribute $20,000.00 to your RRSP(s) and designate the $1000.00 amount as a repayment under the HBP, even if your RRSP deduction limit is zero. The $1000 amount is not a contribution, it is a reimbursement. If needed, we have included additional information below.

 

Tax Tip: How to check your RRSP limits with CRA My Account

 

Remaining RRSP Contribution Room

 

How do I enter my Home Buyers’ Plan repayment information in TurboTax?

 

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