What is the correct HBP timeline? I utilized HBP and withdrew from my RRSP's in 2015. What tax year do I need to start repaying it?

posted

1 Best answer

Accepted Solutions

What is the correct HBP timeline? I utilized HBP and withdrew from my RRSP's in 2015. What tax year do I need to start repaying it?

Thank you for your question.

You will begin your repayment to the Home Buyers Plan in 2017.

From CRA

When do you start making repayments?

Your repayment period starts the second year after the year you withdrew funds from your RRSP(s) for the HBP.

Note

If you choose to start your repayments earlier, your repayment period will stay the same. Any repayments made before you are required to start your repayments will reduce the amount you have to repay for the first year. If your early repayment(s) are more than the required amount for the first year, the difference will reduce your HBP balance and your remaining repayment amounts over the entire repayment period.

View solution in original post

1 Reply

What is the correct HBP timeline? I utilized HBP and withdrew from my RRSP's in 2015. What tax year do I need to start repaying it?

Thank you for your question.

You will begin your repayment to the Home Buyers Plan in 2017.

From CRA

When do you start making repayments?

Your repayment period starts the second year after the year you withdrew funds from your RRSP(s) for the HBP.

Note

If you choose to start your repayments earlier, your repayment period will stay the same. Any repayments made before you are required to start your repayments will reduce the amount you have to repay for the first year. If your early repayment(s) are more than the required amount for the first year, the difference will reduce your HBP balance and your remaining repayment amounts over the entire repayment period.