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How do I modify my Home Buyers’ Plan date of payment?

SOLVEDby TurboTax21Updated 4 weeks ago

The Home Buyers' Plan (HBP) allows first-time home buyers to withdraw up to $35,000 (for withdrawals made after March 19, 2019) from their Registered Retirement Savings Plans (RRSPs) to buy or build a home. For more information, visit the the CRA's What is the Home Buyers' Plan (HBP)? page.

Repayments must be made within 15 years, starting the second year following the year in which you made the withdrawal. You can find your minimum required annual repayment amount by accessing your CRA My Account or on your most recent Notice of Assessment.

  1. From the menu, select RRSPs, then Home Buyers Plan
  2. Select Designate an amount as a Home Buyers' Plan repayment, then Continue
  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 RRSP profile
  2. Select Repayment or withdrawals for the Home Buyers Plan (HBP), then Continue
  3. Select Designate an amount as a Home Buyers' Plan repayment, then Continue
  4. 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 as $0
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