Frustration level through the roof. I have RRSP income showing on my wife's return, yet I have not entered any T4RSP income info for either of us. It has taken my RRSP contribution and added it to my wife's income as well. Cannot get rid of it on the online version. And yes, I know that this falls on line 12900 but I cannot remove it with the online version. Any help out there?
Thanks
Is a repayment for a Home Buyer's Plan due? As per our TurboTax article: Understanding Your Home Buyers’ Plan if you fail to make a contribution in any year, it doesn’t increase the future payments’ amounts. The missing payment will be added to line 12900 of your income tax return as an RRSP income. Then, future payments will not be changed.
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Hello... thanks for your reply. Yes, this is the first year that my HBP is due. And I designated the full amount of my contribution to the grant to cover the full amount due. Why would it also be asking for another repayment from my wife's return?
Here are the steps to verify on each return to make sure they were only entered on the tax return indicating the person who applied for the HBP. If using our TurboTax Online or Easy Steps in our Desktop software, please go to the Find Icon (magnifying glass) to enter Home Buyers' Plan, select it then Go. This will bring you to the screen seen in the image below. (The images below say 2022 from the previous year, your return will say 2023.) See the entries to be filled on the next Home Buyers' Plan as seen in the next image below. Then you will follow the steps in the last image to view your payment on the RRSP Summary screen. Always make sure to scroll down to the bottom of the screen and click on Done or Continue to save the changes made.
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