Alex44 Posted February 28, 2023 Report Share Posted February 28, 2023 Hi I borrowed money from my RRSP in 2022 as a first time home buyer. My understanding is that I don't need to start paying it back until next year. Do I need to fill anything out in this years taxes? Quote Link to comment Share on other sites More sharing options...
Geo123 Posted February 28, 2023 Report Share Posted February 28, 2023 Hello Alex44, How to repay the funds withdrawn from RRSP(s) under the Home Buyers’ Plan (HBP) Note Currently, the HBP withdrawal limit is $35,000. This applies to withdrawals made after March 19, 2019. On this page When do you start making repayments? Repaying the amount you withdrew Special repayment situations When do you start making repayments? You have up to 15 years to repay to your RRSP, pooled registered pension plan (PRPP) or specified pension plan (SPP) the amounts you withdrew from your RRSP under the HBP. Your repayment period starts the second year after the year when you first withdrew funds from your RRSP(s) for the HBP. For example, if you withdrew funds in 2023, your first year of repayment will be 2025. 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withdrawn-rrsp-s-under-home-buyers-plan.html bensy2016 1 Quote Link to comment Share on other sites More sharing options...
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