I participated in the HBP in 2018
My 2018 NOA says that the "Minimum required repayment for 2019 is 0"
CRA My Account says my required payments begin in 2020.
TurboTax is saying that I have required payments for 2019 and is now counting this as taxable income.
According to CRA, I do not need to begin repayment until 2020. How do I fix this in TurboTax?
Hello,
The Home Buyers Plan repayment schedule commences in the 2nd year following the year you made the withdrawal. So, correctly, if you withdrew an amount as a Home Buyers Plan withdrawal in 2018, your first repayment will be in 2020.
To make the correction in for TurboTax Online, in the left hand menu select RRSPs > Home Buyers Plan and then select “Designate an amount as a Home Buyers' Plan repayment”. You can then correct the amounts reported and claim zero for your annual minimum repayment amount.
To make the correction in TurboTax Desktop, In EasySteps you would follow the same steps for Online but after selecting RRSPs in the left hand menu you would select the Repayment or withdrawals for the Home Buyers Plan (HBP) radio button. You can then correct the amounts reported and claim zero for your annual repayment amount. In forms view, find or select HBP and in section 2 enter the balance to be repaid as stated on your NOA, and the Minimum Repayments for 2019 as Zero.