Before you can designate an amount as a repayment to your Home Buyers' Plan (HBP), you need to report your contributions to your RRSP in the RRSP Contributions & Deduction section.
Designate a repayment to your HBP in the RRSP Contributions & Deduction section.
- Enter your total HBP balance. You can find this on your HBP Statement of Account.
- Enter the required amount to be repaid in the year. This is also on your HBP Statement of Account.
- Designate the RRSP contribution that you entered as a repayment under your HBP.
- If you didn’t contribute enough to your RRSP in the year, we’ll automatically include the remaining repayment amount for the year in your income. That amount can be found on line 12900.
How much do I need to repay to my HBP?
You can find this amount on your HBP Statement of Account (in CRA My Account or on last year’s Notice of Assessment). If you can’t find it, you can either calculate it or contact the CRA.
If you want to claim the home buyers' amount (an unrelated tax credit for first time home buyers), you can do that in the Home Buyers' Amount section.
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