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:
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
