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HBP home address same or different ?


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During 2020, I used RRSP funds to purchase my first home. I moved in the new home first week of January 2021. The financial institution eventually provided a T4RSP slip describing the amount in box 27.  

To enter the amount provided in box 27 of the T4RSP in Ufile, I found two box 27 (see attached screenshot), one for "HBP home address same as mailing address" and the other "HBP home address different".

I have two questions:

1/ what is the difference between one and the other...?

2/ in the case I explained above (moved in, in January 2021) in which box do I enter the amount..?

 

Thank you in advance for your response.

 

HBP.docx

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As of Dec 31, 2020, the mailing address of the new home was not the same as that of the one on the return. The new home was paid for in 2020 and moved into it in 2021 (within the year)

The rule states that the qualifying home must be occupied as principal residence no later than one year from buying it. 

What I find confusing is that at the end of December I had not made the new home as the principal residence yet. I moved there only on January 7th. Therefore does the Ufile question take relevance to the home address as of the 31st of December or at the moment the return was filed...?

Thank again. 

 

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  • 2 weeks later...

Hi @lubica, To enter your repayment amount in the program, please follow the steps below:

1. On the "Left side menu on the Interview tab", select the item "HSP, LLP and other plans and funds" and on the screen to the right, choose the line "HBP Participation in a RRSP's home buyers' plan".
2. On the first line of the page that appears, enter the balance of HBP to repay in your RRSP at the beginning of the tax year.
3. On the second line (preceded by a red asterisk), enter the amount of HBP that should be paid in the tax year. This amount appears on the HBP statement from the CRA.
4. On the third line, enter the amount you contributed to your RRSP representing your HBP repayment for the tax year.
The amount repaid under the HBP will be entered by the program on line 24600 of federal Schedule 7, while the outstanding amount will be entered on line 12900 of the federal return.

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hi, thanks for info

i am not sure about your answer because i do not want to sent any money back to RRSP, i just want claim part from my 35000 as repayment

i bought my house last year 2020, i do not need pay any money from HBP this year
i just want to take $ 15 000 from  HBP ( i took 35 000$ last year)

i think, i have to claim my income + 15 000$ , 

but i have to show where 15 000$ is coming from.

thanks

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