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HBP repayment: claim RRSP contrib from previous tax year?


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Does anyone know how I can claim previously-unclaimed 2016 RRSP contributions for the 2017 year as a repayment under the Home Buyer's Plan in ufile, and if so, how I should do it? I have some unclaimed room from the 2016 tax year (made in February 2016) and would like to claim it for my 2017 HBP repayment if possible.

Based on the schedule 7 it looks like I can claim contributions made between January 2016 and March 2017 but I don't know how to do this in ufile.(https://www.canada.ca/content/dam/cra-arc/migration/cra-arc/E/pbg/tf/5000-s7/5000-s7-fill-16e.pdf)

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Hello sarracenia,

You wish to designate unused RRSP contributions made during the first 60 days of the tax year as repayment for your Home Buyers' Plan (HBP), which is authorized by the CRA. You also contributed to your RRSP during the rest of the tax year.

However, the program allows only the entry of the total balance of unused contributions as shown on line B of the taxpayer's Notice of Assessment.

Moreover, federal Schedule 7 contains no line to indicate the unused contributions made in the first 60 days of the tax year that you wish to designate as a repayment under the HBP.

There is, however, a satisfactory workaround. To do so, please enter your information as per the following steps:

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

2. On the new page displayed on your right, in the "Your RRSP/PRPP deduction limit statement" section, enter the "RRSP deduction limit for 2016 (2015 assessment, line A)".

3. Also on the same page, for "Unused RRSP/PRPP contributions (2015 assessment, line B)", answer the first question.

4. If you answered "Yes", go to the line "Unused contributions from the first 60 days of 2016" and enter the amount that was unused.

5. If you have unused contribution from previous years, enter the amount on the line entitled "Unused contributions from prior years (excluding the first 60 days of 2016)", enter the amount.

Warning: The sum of these two lines should equal the amount on line B of your last notice of assessment.

6. In the "Contributions to your own RRSP or PRPP/VRSP" section, go to the line "March to December 2016", enter the amount of your contribution, and if you contributed in the first 60 days of 2017, enter the amount on the next line.

7. If necessary, click "+ Add Another" located to the right and enter your RRSP contributions.

8. In the "RRSP or PRPP/VRSP deduction to use in 2016" section, go to the line "RRSP or PRPP/VRSP deduction to use (leave blank to use all your contributions", enter the amount of contribution that you wish to deduct this year, or leave blank to use all of your contributions. Click "Next" at the bottom of the page.

9. Return to the "Left-side menu on the Interview tab" and select "HBP, LLP and other plans and funds".

10. On the screen to the right, click the plus sign "+" icon to the right of the line "HBP Participation in a RRSP's home buyers' plan".

11. On the page entitled "Home Buyers' Plan (HBP)", on the line for "RRSP home buyers' plan repayable balance at start of 2016", enter the amount, and at the line "HBP amount that should be repaid in 2016 (on HBP statement from CRA)", enter the amount on the notice that you received. Then, enter your repayment amount on the line for "Amount of RRSP contributions designated as your 2016 HBP repayment".

The program will carry over your HBP repayment amount to line 246 of federal Schedule 7.

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  • 2 years later...

Guys, I have kind of same question. Last year I made $20k into RRSP and now I am thinking to just claim $5k. Which leave me $15k unused rrsp contribution. And I am thinking to buy my first home this year. So if I used all of my $20k from rrsp to down payment and my first HBP payment will start from 2021.

But my questions is - Can I claim for $15k next year or I can't do that bcos I used that money for first home ? And if not - then does it make sense to claim all $20k this year and use that for first home buying ?

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  • 1 year later...

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