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reporting multiple RRSP withdraws for HBP.


HMJC
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Hi !

I made two eligiable withdraws from my RRSP for HBP. The 1st one was done in Dec, 2021 (I have got T4RSP slip from TD). The second one was done on Jan, 2022 (TD didn't issue TR4SP for it). 

My understanding is that CRA considers "January withdrawal to have been received in the year the first withdrawal was made". (https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/withdraw-funds-rrsp-s-under-home-buyers-plan.html)

but since I don't have TR4SP slip for the Jan withdrawal, I'm not totally sure if the Jan withdrawal should be reported this year along with the Dec withdrawal ?? if yes, how can I add the amount in UFILE without TR4SP from TD ? 

Thanks for your help !

 

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Hi, @HMJC

 

If you withdrew funds from your RRSP during the tax year, you should have received a T4RSP slip indicating the amount of the withdrawal.

To enter your RRSP withdrawal, please follow the steps below:

1- On the "Left side menu on the Interview tab", select "Interview setup".

2- On the right side of the page, go to the "Pension" group, check the box for "Pension income, other income and spit pension (T4A, T4A(OAS), T4A(P), T4A-RCA, T4RSP, T4RIF, T1032)" and click on "Next" at the bottom of page.

3- Return to the "Left side menu on the Interview tab" and select "T4A and pension income".

4- On the screen to your right, choose the option "T4RSP - Income from Registered Retirement Savings Plan (RL-2)".

5- Enter the information regarding your T4RSP slip, either on line "Annuity payment from RRSP (RL-2 box B) and on the field to the right in Box 16 enter the amount withdrawn.

The program will carry the amount over to line 12900 of the federal return and, for Quebec residents, to line 122 of the Quebec return.

For more information on the premature withdrawal of RRSP, please consult the following CRA link:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/making-withdrawals.html

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Hello HMJC. You are correct in your understanding that the January HBP withdrawal from your RRSP should be considered as withdrawn on the same date as your first withdrawal. You should provide a copy of the CRA publication to your bank and once again ask about the slip. That said you could also enter it as a 2021 HBP withdrawal and provide proof later to CRA should they follow up. CRA does get records from the bank directly and should be able to verify independently the withdrawal date.

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Actually I just called CRA and they said to NOT report the Jan withdrawal this year. 

They said, although they consider the Jan withdrawal to be made along with Dec withdrawal, they don't record the Jan withdrawal until 2023. So, they expect TD to issue me the T4RSP for January withdrawal next year not this year.

They said that the RRSP withdrawals for HPB in schedule 7 is only for withdrawals done last year 2021 (so that will be December withdrwal). January wihdrwal will be reported next year in schedule 7 as withdrawal for 2022.

 

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