For the Home Buyers' Plan repayment you can only specify a portion equal to or less than your RRSP contributions. If you haven't made any RRSP contributions, you will not be able to specify a repayment amount and the annual minimum repayment will be added (and taxed) as income.
For the Home Buyers' Plan repayment you can only specify a portion equal to or less than your RRSP contributions. If you haven't made any RRSP contributions, you will not be able to specify a repayment amount and the annual minimum repayment will be added (and taxed) as income.
I have a question about the HBP.
A) is the repayment to the HBP made automatically? or do I, firstly, need to a) pay into the RRSP b) get the slips for the RRSP and then come tax time, label and designate the amount that I "manually paid" to the RRSP account, as 1/15th of a HBP.
I had thought that since I designated on the taxes that it can off automatically. Is this not the case? Just a bit confused as to how the process works.
To clarify how a participant in the Home Buyer's Plan designates a repayment, your description is quite accurate.
More information can be found in this FAQ from TurboTax: How do I enter my Home Buyers’ Plan repayment information in TurboTax?
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