To repay or not to repay your HBPWhen you participate in the Home Buyers' Plan (HBP), you have 15 years to repay all the amounts withdrawn from your RRSPs. You will have to repay an amount to your RRSP each year until your HBP balance is zero.
If you do not repay the amount due for a year, it will have to be included in your income for that year.
To enter your repayment amount in the program, please follow the steps below:
1. On the "Left side menu on the Interview tab", select the item "HSP, LLP and other plans and funds" and on the screen to the right, choose the line "HBP Participation in a RRSP's home buyers' plan".
2. On the first line of the page that appears, enter the balance of HBP to repay in your RRSP at the beginning of the tax year.
3. On the second line (preceded by a red asterisk), enter the amount of HBP that should be paid in the tax year. This amount appears on the HBP statement from the CRA.
4. On the third line, enter the amount you contributed to your RRSP representing your HBP repayment for the tax year.
The amount repaid under the HBP will be entered by the program on line 24600 of federal Schedule 7, while the outstanding amount will be entered on line 12900 of the federal return.
For more information, please consult the following link:
ID: 20191203121111NA.xml
Webpage: KPA385-20191203121111NA.htm