Discussions

Can someone please simplify for me the repayment of a First Time Home Buyers Plan (HBP) through RRSPs?  
 
Approx. 5 years ago I took advantage of it through my main bank with RRSPs that I had. They say in year 2 you start paying back 1/15th per year. I have always added a post-it note in my taxes but have never filed them myself (paid a business to do so). This year I’m going to a different person to file my taxes and I realized that at the beginning 2017, I moved my RRSPs from my main bank elsewhere (as a voluntary pension contribution, not RRSPs). Did I screw myself for paying it back properly? Does repayment happen through your annual income tax process or does wherever you entered into the HBP (bank) just move 1/15th of your new RRSPs over each year (and I haven’t been contributing new amounts to that bank).  
 
The following article says that the CRA sends you a HBP statement every year, but I don’t believe I’ve ever received one. ...and yes I will ask the bank, my financial advisor and my new tax person but just wondered if anyone was able to dumb it down for me  
 
https://turbotax.intuit.ca/tips/repaying-withdrawals-under-the-home-buyers-plan-5216/amp

Look at your tax documents. It should be on your notice of assessment showing a declining balance of RRSP repayment. If it's missed on your taxes by whomever is doing your taxes, the CRA will catch it and make a correction. The declining balance will show the minimum repayment you have to make each year.  
 
Here's a link to FAQ:  
 
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/repay-funds-withdrawn-rrsp-s-under-home-buyers-plan.html

When you file taxes there is a repayment amount that you or your tax preparation person need to fill in under your HBP. If say your annual contribution is $200 per year you must make payments of min. $200 per year towards your RRSPs. If you contribute say $1000 per year you put the min balance of $200 owing for example or more if you want to pay it off faster (I pay more to get rid of the payments) and the remaining $800 contribution would go against your taxes to try and get a return.  
 
If you are digital copies you will have the statements electronically under My Account on the government site.

you need to go to the bank to re-contribute back your HBP RRSP. CRA doesn't re-contribute on your behalf.

Thank you Bob George and Fishing Guy! Getty, of course the CRA doesn’t contribute on my behalf lol.