Home Buyers' Plan (HBP) - Repayment with unused
RRSP contributions made in the first 60 days of the current tax
year
You wish to designate unused RRSP contributions made during the
first 60 days of the tax year as repayment for your Home Buyers'
Plan (HBP), which is authorized by the CRA. You also contributed to
your RRSP during the rest of the tax year.
However, the program allows only the entry of the total
balance of unused contributions as indicated on your Notice of
Assessment for 2018.
Moreover, federal Schedule 7 contains no line to indicate the
unused contributions made in the first 60 days of the tax year that
you wish to designate as a repayment under the HBP.
There is, however, a satisfactory workaround. To do so, please
enter your information as per the following steps:
1. In the "Left-side menu on the Interview tab", select
"RRSP contributions, limits".
2. On the new page displayed on your right, in the "Your
RRSP/PRPP deduction limit statement" section, enter the
"RRSP deduction limit for 2019 (2018 assessment)".
3. Also on the same page, for "Unused RRSP/PRPP contributions
(2018 assessment)", answer the first question.
4. If you answered "Yes", go to the line "Unused
contributions from the first 60 days of 2019" and enter the
amount that was unused.
5. If you have unused contribution from previous years, enter
the amount on the line entitled "Unused contributions from prior
years (excluding the first 60 days of 2019)", enter the
amount.
Warning: The total of your unused contributions
(the first 60 of 2019 and those of previous years) must be equal to
the amount indicated on your lasted 2018 Notice of assessment
6. In the "Contributions to your own RRSP or PRPP/VRSP"
section, go to the line "March to December 2019", enter the
amount of your contribution, and if you contributed in the first
60 days of 2020, enter the amount on the next line.
7. If necessary, click "+ Add Another" located to the
right and enter your RRSP contributions.
8. In the "RRSP or PRPP/VRSP deduction to use in 2019"
section, go to the line "RRSP or PRPP/VRSP deduction to use
(leave blank to use all your contributions)", enter the amount
of contribution that you wish to deduct this year, or leave blank
to use all your contributions. Click "Next" at the bottom of
the page.
9. Return to the "Left-side menu on the Interview tab"
and select "HBP, LLP and other plans and funds".
10. On the screen to the right, click the plus
sign "+" icon to the right of the line "HBP Participation
in a RRSP's home buyers' plan".
11. On the page entitled "Home Buyers' Plan (HBP)", on
the line for "RRSP home buyers' plan repayable balance at start
of 2019", enter the amount, and at the line "HBP amount that
should be repaid in 2019 (on HBP statement from CRA)", enter
the amount on the notice that you received. Then, enter your
repayment amount on the line for "Amount of RRSP contributions
designated as your 2019 HBP repayment".
The program will carry over your HBP repayment amount to
line 24600 of federal Schedule 7.
ID: 20191002085120DE.xml
Webpage: KPA385-20191002085120DE.htm
