T4RSP slip - Box 27, Home Buyers' Plan withdrawalsThe amount withdrawn from an RRSP (Registered Retirement Savings Plan) by an eligible HBP (Home Buyers' Plan) participant will be shown in Box 27 of the T4RSP slip.
This amount must be entered in the program as follows:
1- On the "Left side menu on the Interview tab", select "Interview setup".
2- On the screen on your right, go to the "Pension" group, check the box for "Pension income. Other income and split pension income (T4A, T4A(OAS), T4A(P), T4A-RCA, T4RSP, T4RIF, T1032)" and click "Next" at the bottom of the page.
3- Return to the "Left side menu on the Interview tab" and select the line "Pension income, T4A".
4- Then, on the right-hand side page, choose "T4RSP - Income from Registered Retirement Savings Plan (RL-2)".
5- On the page titled "Home buyer's plan withdrawal - HBP home address same as mailing address (RL-2 box O)" or in "Home buyer's plan withdrawal - HBP home address different (RL-2 box O)", as applicable.
This amount will not be included as income but will be entered by the program on line 24700 of Federal Schedule 7.
The amount will be transferred by the program to the page "Summary of carryforward amounts to 2020" online "HBP - Outstanding amount to repay" in the "Tax Return" tab.
Also, the amount will be carried forward by the program to the "Home Buyers' Plan (HBP)" page for the following year.
For more information, please visit the following link to the CRA:
ID: 20191127090011DE.xml
Webpage: KPA390-20191127090011DE.htm