HBP Limit is not correct for 2024 Tax Return

[Jen511]

The HBP limit was increased to $60,000 in 2024. When I enter this amount in the T4RSP, HBP withdrawal box 27 I am taxed for anything over and above $35,000. Please adjust the HBP amount.

[TurboTaxAniqua]

The withdrawal limit is now $60,000. The increased withdrawal limit from $35,000 to $60,000 applies to withdrawals made after April 16, 2024.

Any portion of the withdrawals from your RRSPs under the HBP that exceed $60,000 will have to be reported as income on your income tax and benefit return for the year you received it. In addition, your RRSP issuer will have to withhold tax on the amount in excess at the time of the withdrawal.

For more information please refer to these CRA Link and How to report HBP and TurboTax "Understanding Your Home Buyers Plan.

Thanks for choosing TurboTax.

[Jen511]

There is still nowhere on the T4RSP form to specify that the withdrawal took place before or after the April date. As a result I am being taxed on the $25,000 above the $35,000 limit on the return I am preparing. My return goes from a 6k+ refund to a 4k+ balance owing. When will this issue be fixed? 

In previous years when this happened your software included two separate fields for box 27 with a pre and post date. I don't see that option for this year's T4RSP. 

[TurboTaxVeronique]

@Jen511 At this time, some CRA forms are still being reviewed by them for the 2024 tax season, which could explain why some calculations are not done correctly or do not appear. As soon as they are ready, TurboTax will be updated.

Thank you for choosing TurboTax.

[gadhvisandeep117]

Hello,

Today I am still facing this issue. Turbotax software calculates my RRSP withdrawals under HBP up to 60K, however when I submit the NETFILE to CRA, CRA counts only 35000 and rest as an income. I have a significant owing due to this, please let me know if CRA is going to fix this nd I am supposed to get an update on my alread filed return. Let me know, Thanks. 

[TurboImpotNadia]

If you have already submitted your return, you will need to wait for the Notice of Assessment from CRA. However, we will send you a private message with the next steps to open an investigation so we may get this resolved. 

Thank you for choosing TurboTax