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TaxRobin, Senior Tax Advisor
Category: Canada Tax
Satisfied Customers: 15301
Experience:  More than 20 years tax expertise
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How do I pay my rsp afteer taking monety out to buy a home

Customer Question

how do I pay my rsp afteer taking monety out to buy a home
Submitted: 1 year ago.
Category: Canada Tax
Expert:  TaxRobin replied 1 year ago.
Hello and thank you for posting your question.
Assuming you participated in the Home Buyers' Plan (HBP) ;
Each year, the CRA will send you a Home Buyers' Plan (HBP) Statement of Account, with your notice of assessment or notice of reassessment.
The statement will include:
the amount you have repaid so far (including any additional payments and amounts you included on your income tax return because they were not repaid);
your remaining HBP balance; and
the amount you have to contribute to your RRSP(s) or PRPP(s) and designate as a repayment for the following year.
To make a repayment under the HBP, you have to make a contribution(s) to your RRSP(s) or PRPP(s) in the year the repayment is due or in the first 60 days of the year after. Once your contribution is made, you can designate all or part of the contribution as a repayment.
To designate your repayment, complete lines 245 and 246 of Schedule 7, RRSP and PRPP Unused Contributions, Transfers, and HBP or LLP Activities, and attach it to your income tax return. You have to complete and send the CRA an income tax return until you have repaid all of your HBP withdrawals or included them in your income.
Generally, you have up to 15 years to repay to your RRSP(s) the amounts you withdrew from them under the HBP. However, you can repay the full amount into your RRSP or PRPP at any time.