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New Member

I can't complete the HBP section. I didn't make an RRSP contribution.

 
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New Member

I can't complete the HBP section. I didn't make an RRSP contribution.

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.

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6 Replies
New Member

I can't complete the HBP section. I didn't make an RRSP contribution.

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.

View solution in original post

New Member

I can't complete the HBP section. I didn't make an RRSP contribution.

Thank you. So I just go back and say no to that section?
New Member

I can't complete the HBP section. I didn't make an RRSP contribution.

You still need to indicate that you do have HBP. But in the question that asks you how much of your RRSP contribution to designate for HBP, this should be 0.
New Member

I can't complete the HBP section. I didn't make an RRSP contribution.

Great. Thanks
Returning Member

I can't complete the HBP section. I didn't make an RRSP contribution.

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.

Moderator

I can't complete the HBP section. I didn't make an RRSP contribution.

@KylaCourage78

 

To clarify how a participant in the Home Buyer's Plan designates a repayment, your description is quite accurate. 

  • CRA will let you know what your HBP Minimum Repayment Amount is, as well as other detail of your HBP account on your Notice of Assessment (NOA). You can also find this information by viewing it in your Online CRA My Account.
  • In order to designate a repayment, you must make a contribution to an RRSP within the tax year or the 1st 60 days of the year after. 
    • It is not necessary to contribute to the same RRSP you withdrew funds from, nor do you need to advise the institution that you are making an HBP repayment.
  • You will receive an RRSP Contribution slip (receipt) and report it on your tax return in the same way you have reported contributions in the past. 
  • You will then choose to "designate" a repayment. You can choose to make the "minimum required amount", or you can designate up to the full amount of your contribution. 

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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