To report your Home Buyers' Plan (HBP) repayment in Wealthsimple Tax:

1. Add the RRSP Contributions & Deduction section to your tax return

2. In the RRSP Contributions & Deduction section:

   • Answer "Yes" to the question "Did you make any RRSP contributions or have any transfers?"
   • Enter your RRSP contributions in the table that appears
3. In the Lifelong learning plan and home buyers' plan subsection:
   • Answer "Yes, my HBP" to the question "Does your lifelong learning plan or home buyers' plan have a balance?"
4. Three new fields will appear. Enter the following information:
   • Balance from your HBP Statement
   • HBP amount to be repaid in 2024 from your HBP Statement
   • RRSP contribution to be designated as a repayment under the HBP

Important notes:

• Find your HBP balance and required repayment amount on your HBP Statement
• If you didn't contribute enough to your RRSP, Wealthsimple Tax will automatically include the remaining repayment amount in your income (line 12900)
• The home buyers' amount (a separate tax credit for first-time home buyers) can be claimed in the Home Buyers' Amount section

Can't find your HBP repayment amount?

• Check your CRA My Account
• Look at last year's Notice of Assessment
• Calculate it yourself
• Contact the CRA

Remember:

• Reporting your HBP repayment correctly ensures your RRSP contributions are allocated properly
• Failing to repay the required amount can result in additional taxable income

If you have questions about your HBP repayment obligations, consider consulting with a tax expert. If you need assistance entering this information in Wealthsimple Tax, please contact Wealthsimple support.