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How do I repay my Home Buyers' Plan (HBP)?

by: Better Tax

Saving & planning
2023
2024
2025

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):

  1. Add your HBP balances (if you didn't use Auto-fill My Return, enter these in "Last year's information").
  2. Add your RRSP contributions (if you didn't use Auto-fill My Return, enter your contributions in "RRSP" or "Receipts").
  3. 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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