HBP amount repaid - Contributions made in a PRPP or VRSPWhen you participate in the "Home Buyers' Plan (HBP)", you have 15 years to repay the withdrawals from your RRSP.
You must repay an amount each year in your RRSP, VRSP or PRPP, until the HBP balance is zero. However, your repayment period begins in the second year. Revenue Canada should inform you when your refund is due when you send your notice of assessment.
To make a repayment under the HBP (Home Buyers' Plan), you must contribute to your RRSP (Registered Retirement Savings Plan), PRPP (Pooled Registered Pension Plan) or VRSP (Voluntary Retirement Savings Plan) in the year the repayment is due.
Even if you cannot make a withdrawal from your PRPP/VRSP to purchase a HBP, you can designate your contributions as a HBP repayment.
For more information, please visit the following link:
Specifically, on page 15 at lines 7 and 8 "Repayments under the HBP and the LLP".
You have withdrawn funds from your RRSP and if you have contributed to a PRPP or VRSP, please follow the procedure below:1. In the 'Left-side menu on the Interview tab'', select the ''RRSP contributions, limits''.
2. You must have contributed to your RRSP, PRPP or VRSP, in the period March to December, or in the period of January 1st to March 2nd of the following year.
3. Enter your contribution for the repayment of your HBP at the time of the payment made, either in the period "March to December 2019" or in the period of "First 60 days of 2020";
4. Return to the "Left-side menu on the Interview tab" and select "HBP, LLP and other plans and funds". On the screen to the right, choose "HBP Participation in an RRSP's home buyers' plan".
5. On the page that appears entitled "Home Buyers' Plan (HBP)", on the line "RRSP home buyers' plan repayable balance at start of 2019", enter the amount that appears on your Notice of Assessment from the previous year.
6. On the line "HBP amount that should be repaid in 2019 (on HBP statement from CRA)", enter the amount you must repay.
7. On the line "Amount of RRSP contributions designated as your 2019 HBP repayment", enter the amount you repaid to your RRSP, PRPP or VRSP.
8. If you have not contributed to your RRSP, PRPP or VRSP, enter $0.00 and the amount will be transferred to line 12900 of the Federal return and to line 154 of the Quebec return, to be added to your total income.
The HBP refund amount will be carried over by the program to "Part B of Schedule 7", on line 24600.
However, if you have also contributed to your RRSP, the amount of the total contribution will be reported to the "Part A of Schedule 7", on line 24500.
For more information, please consult the following link:
ID: 20191002132921DEX.xml
Webpage: KPA385-20191002132921DE.htm