How do I repay my Home Buyers' Plan (HBP)?
by: Better Tax
You repay your HBP simply by designating contributions you made to your RRSP as a repayment.
What to do (note that steps 1 and 2 are automatic when you use Auto-fill My Return):
- Add your HBP balances (if you didn't use Auto-fill My Return, enter these in "Last year's information").
- Add your RRSP contributions (if you didn't use Auto-fill My Return, enter your contributions in "RRSP" or "Receipts").
- Designate your repayment, if any, in "RRSP". If you don't designate the minimum amount, we'll automatically include the balance in your taxable income.
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