When you withdraw from your RRSP under the Home Buyers' Plan (HBP) or Lifelong Learning Plan (LLP), you'll receive a T4RSP slip. Here's how to report it in Wealthsimple Tax:
- Add the RRSP Income section to your tax return
- Enter the information from your T4RSP slip:
- For HBP withdrawals, look for the amount in box 27
- For LLP withdrawals, look for the amount in box 25
Important notes:
- The amount in box 25 or 27 won't be added to your taxable income
- This withdrawal will be reported to the CRA as part of the HBP or LLP
- After filing your return, the CRA will send you a Statement of Account listing your required repayment amounts
Remember:
- Keep your T4RSP slip for your records
- HBP and LLP withdrawals must be repaid to your RRSP over time
- Failing to repay as required may result in additional taxable income in future years
If you have questions about HBP or LLP withdrawals and repayments, consider consulting with a tax expert. If you need assistance entering this information in Wealthsimple Tax, please contact Wealthsimple support.
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