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Intuit

What is the Home Buyers' Plan?

The Home Buyers' Plan (HBP) is a Canada Revenue Agency (CRA) program for first-time home buyers that allows you and/or your spouse or common-law partner to withdraw up to $25,000 from your own Registered Retirement Savings Plan (RRSP) to buy or build a home. You and your spouse/partner can each withdraw $25,000 from your own RRSP for a combined maximum of $50,000. For more information, visit the Acquiring a Home Through the Home Buyers’ Plan page.

If you withdrew money under HBP, you need to start repaying starting from the second year following the year in which you made the withdrawal. You have 15 years to repay the amount you withdrew. Read the Repaying Withdrawals Under the Home Buyers’ Plan page on the CRA website. Each year, you need to put at least one-fifteenth of the total amount back into your RRSP, until the full amount you withdrew is returned to your RRSPs. You can find your minimum required annual repayment amount by accessing your CRA My Account or on your most recent Notice of Assessment.

If you don't contribute the minimum required amount back into your RRSP, CRA adds the equivalent amount to your income for the year and you get taxed on the required amount.

  1. From the menu, select RRSPs, then Home Buyers Plan.
  2. Select Designate an amount as a Home Buyers' Plan repayment.
  3. You can then correct the amounts reported and claim zero for your annual minimum repayment amount, if needed.
  1. From the menu, select RRSPs, then select Repayment or withdrawals for the Home Buyers Plan (HBP).
  2. You can then correct the amounts reported and claim zero for your annual minimum repayment amount, if needed.
  1. Find or select the HBP form.
  2. In Section 2, enter the balance to be repaid as stated on your Notice of Assessment (NOA).
  3. Set the minimum repayments for 2019 as $0.

Related information:

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

Repaying Withdrawals Under the Home Buyers’ Plan

Learn more about  Acquiring a Home Through the Home Buyers’ Plan

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