HBP - Repayment - Labour-sponsored planTo make a repayment under the HBP, you must contribute to your RRSP in the year that the repayment is due.
Some RL-10 of either the FTQ or FONDACTION, indicates a payment to an RRSP, to indicate that the payment is for the repayment of the HBP.
If you have used money from your RRSP that was held in a labour-sponsored fund, please follow the procedure below:
If you have used money from your RRSP that was held in a labour-sponsored fund, please follow the procedure below:
1. On the "Left-side menu of the Interview tab", select the item "Other information slips".
2. On the screen to your right, choose the option that corresponds to your situation, click on the plus "+" icon to the right of the line "RL-10 - Quebec labour-sponsored tax credit (FTQ)" or "RL-10 - Quebec labour-sponsored tax credit (Fondaction)".
3. On the page that appears, for the ''Period" line, select the period of your RRSP contribution in the drop-down menu.
4. If you repay the price of the shares that were used in the HBP and if these shares were from the FTQ, your refund will appear in Box E, whereas in the case of CSN (Fondaction) shares the amount would show in Box K, on the line "Replacement shares not vested during the period".
5. At the center of the page, in the "RRSP" section, on the line "Amount of contribution eligible for the RRSP deduction" in the first field indicate "Contributions to your own RRSP" and on the second field the total amount of your contribution to your RRSP.
6. 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, click on the plus sign "+" icon to the right of the line "HBP Participation in a RRSP's home buyers 'plan".
7. On the page that appears entitled "Home Buyers' Plan (HBP)", on the line "RRSP home buyers' plan repayable balance at start of 2021", enter the amount that appears on your Notice of Assessment from the previous year.
8. On the line "HBP amount that should be repaid in 2021 (on HBP statement from CRA)", enter the amount you must repay.
9. On the line "Amount of RRSP contributions designated as your 2021 HBP repayment", enter the amount you repaid to your RRSP.
10. Note: Under "RRSP contributions, limits», you must enter the "RRSP/PRPP deduction limit for 2021 (2020 assessment, line A)" You do not have to re-enter your RRSP contribution, because you have already entered the information in your RL-10 slip.
The HBP refund amount will be carried over by the program to "Part B" of Schedule 7, on line 24600.
In addition, if you acquired new shares of a labor-sponsored fund, use a new page to enter the new shares that you have deposited in your RRSP.
However, if you have also contributed to your RRSP, the amount of the total contribution will be reported to "Part A", on line 24500.
For more information, please consult the following link:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html
ID: 20211110091359DE.xml
Webpage: KPA385-20211110091359DE.htm