Did you participate in the Home Buyer’s Plan (HBP) and your withdrawals have not been fully repaid? Make sure that the HBP repayment is not included in your taxable income. The required repayment will appear on your prior year’s Notice of Assessment and must be paid on or before the RRSP deadline.

The HBP repayment period begins the second year after you withdrew money from your Registered Retirement Savings Plan (RRSP) to purchase a qualified home.  Although you can repay the amount borrowed from your RRSP at any time, you typically have up to fifteen (15) years to repay the amount in full.

To repay under the HBP, you must make a contribution to your RRSP in the year the repayment is due or in the first sixty (60) days of the year after.

For more information on the HBP, please visit the CRA website (www.cra-arc.gc.ca).