☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 5, 2020 7:59:05 PM

Reg: HBP for current year

Hi,

 

I had done withdrawal from RRSP in 2018 under HBP. How do i file my RRSP contribution for current year? 

Note: The RRSP from which i withdrawn my funds under HBP was from my previous employer  left in October 2019 and have stopped making payment since then, I am contributing RRSP with my new employer since October 2019.

 

Please advise.

 

Thanks.

0 1 951
1 Replies
Employee Tax Expert
Mar 12, 2020 5:48:36 AM

Your 2018 notice of assessment should show the amount you have to contribute to your RRSP in 2019 (or in the first 60 days of 2020) for designation as a Home Buyers Plan repayment. If you repay more than is required for the year, your remaining HBP balance for later years will be reduced. If you pay less than required for the year, the difference will be included in your income for the year. You can designate all or part of your contribution as a repayment. To designate your repayment:

  • In TurboTax Online or in TurboTax Desktop View/Easy Step Interview, click the Find icon in the upper right part of the screen, search for and select Home Buyers Plan and follow the steps.
  • In TurboTax Desktop, View/Forms Method, you can fill out the HBP Worksheet and Schedule 7. (Ensure that your designated contribution amount appears on line 24600, step 7 on Schedule 7).