HBP is not working should be

[CarmenM65]

if you have 4000 as a Balance at the start of 2023 and you should pay 300, I put 500 as a Contribution designated as HBP repayment, the Federal is showing 3500 as RRSP income

 

THAt it should be differently

 

THank you

[Geo123]

Hello CarmenM65,

1. In the 'Left-side menu on the Interview tab'', select the ''RRSP contributions, limits''.

2. You must have contributed to your RRSP, PRPP or VRSP, in the period March to December, or in the period of January 1st to March 2nd of the following year.

3. Enter your contribution for the repayment of your HBP at the time of the payment made, either in the period "March to December 2023" or in the period of "First 60 days of 2024 ";

4. Return to the "Left-side menu on the Interview tab" and select "HBP, LLP and other plans and funds". On the screen to the right, choose "HBP Participation in an RRSP's home buyers' plan".

5. On the page that appears entitled "Home Buyers' Plan (HBP)", on the line "RRSP home buyers' plan repayable balance at start of 2023", enter the amount that appears on your Notice of Assessment from the previous year.

6. On the line "HBP amount that should be repaid in 2023 (on HBP statement from CRA)", enter the amount you must repay.

7. On the line "Amount of RRSP contributions designated as your 2023 HBP repayment", enter the amount you repaid to your RRSP, PRPP or VRSP.

8. If you have not contributed to your RRSP, PRPP or VRSP, enter $ 0.00 and the amount will be transferred to line 12900 of the Federal return and to line 154 of the Quebec return, to be added to your total income.

The HBP refund amount will be carried over by the program to "Part B of Schedule 7", on line 246.

However, if you have also contributed to your RRSP, the amount of the total contribution will be reported to the "Part A", on line 245.

For more information, please consult the following link:

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2019-investing-middle-class/home-buyers-plan.html