How to designate my RRSP contribution to repay Home buyers plan?

Forum|Forum|2 years ago
March 24, 2024
2 replies
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TurboTaxSusan

This TurboTax FAQ tells you how to enter Home Buyers' Plan repayment information in TurboTax: https://turbotax.community.intuit.ca/turbotax-support/en-ca/help-article/manage-users/enter-home-buyers-plan-repayment-information/L39cbuXgQ_CA_en_CA?uid=lu64z3f8

Miss_BG

What work around do users of TurboTax need to follow in order to claim unused RRSP contributions from previous years towards their HBP credit? Many other software websites have a workaround, except Turbo Tax (that I can find).

Thank you.

GHarpe

As per the Canada Revenue Agency (CRA) past year RRSP contributions are not eligible to be used to repay your HBP.

Repaying the amount you withdrew

To make a repayment under the HBP, you have to make contributions to your RRSPs, PRPPs, or SPP in the year the repayment is due or in the first 60 days of the year after. Once your contributions are made, you can designate all or part of the contributions as a repayment.

Thank you for choosing TurboTax.

TurboTaxBrenda

Community Manager

As per the CRA: To make a repayment under the HBP, you have to make contributions to your RRSPs, PRPPs, or SPP in the year the repayment is due or in the first 60 days of the year after. Once your contributions are made, you can designate all or part of the contributions as a repayment.

To designate your repayment, fill out Schedule 7, RRSP, PRPP, SPP Contributions and Transfers, and HBP and LLP Activities enter the amount of the repayment on line 24600, and attach it to your income tax and benefit return.

Thank you for choosing TurboTax.