Question about HBP page???

Just doing my taxes right now and I'm stuck at the HBP page.  Its not allowing me to go any further.  I have my Notice of assessment in front of me and I'm trying to put the right amounts in the spaces but its not allowing me to go further, it comes up and says the designated repayment amounts for the HBP cannot exceed your RRSP contributions, just wondering why I can't go any further this has not happened to me in the past.

Thanks

Answer

20 people found this helpful

You must contribute enough to your RRSP to at least repay HBP. If you do not, then you must report the deficit as an RRSP withdrawal. It will then be taxed, as CRA assume you withdrew that amount from your RRSP permanently.

Let's say you owe $1000 each year but did not make any RRSP contribution.
You then have to report the amount as an RRSP withdrawal of $1000.

In your case, if in fact you did make no RRSP contribution in 2014, report both it and your HBP repayment as Zero, and report the amount owing as an RRSP withdrawal.
Was this answer helpful? Yes No
Default user avatars original
SuperUser

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community