Home Buyer amount

T1
1

The NOA showing $235 unused rrsp available to deduct for 2021. I entered on rrsp sheet but it’s not going in the home buyer section.
Can we claime previous rrsp amount to reduce home buyer repayment amount?

20220421_194956
20220421_1949561820×1852 214 KB

2

I have used it to put in this section. Please try

3

I also entered there but it’s not going on the HBP section of this worksheet to reduce the repayment amount.

4

Nope…

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5

Yes we can

6

But only unused portion

7

I also read that we can use it.

8

@jimt is correct, although depending on the date of the contributions, it may be possible.

For the 2021 taxation year you can only designate, as a HBP repayment, contributions made to your RRSP between January 01, 2021 and March 01, 2022.

You would need to know the date the $235 of undeducted RRSP’s was made. If the $235 was contributed in January or February of 2021 then yes, it is possible to designate that as a Homebuyers Plan repayment. If the $235 arose from contributions made prior to January 01, 2021 then you can not designate that amount as a repayment to the HBP.

For confirmation, have a look at the first few lines of information from Part B in Schedule 7.

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