HBP - Repayment - Labour-sponsored plan
To 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:
1. On the "Left-side menu on 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 indicated
"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".\line
7. 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.
8. On the line "HBP amount that should be repaid in 2019
(on HBP statement from CRA)", enter the amount you must
repay.
9. On the line "Amount of RRSP contributions designated
as your 2019 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 2019 (2018 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 of
Schedule 7", 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: 20191002145651DE.xml
Webpage: KPA385-20191002145651DE.htm
