How to report repayments on your income tax and benefit return

Starting in the year you make your first HBP withdrawal, you have to fill out and send the Canada Revenue Agency (CRA) an income tax and benefit return every year until you have repaid all of your HBP withdrawals or included them in your income. You have to fill out and send the CRA an income tax and benefit return even if you have declared bankruptcy or do not owe any tax.

Fill out Schedule 7, RRSP and PRPP Unused Contributions, Transfers, and HBP or LLP Activities, and attach it to your income tax and benefit return. This form will also show the CRA your total HBP withdrawals and repayments in the year. This form will help you and the CRA keep track of your repayments in future years. Do not report these amounts on line 129 of your income tax and benefit return. Also, do not include any RRSP contributions designated as an HBP repayment on line 208 of your income tax and benefit return.

 

Note

If you are filing your income tax and benefit return electronically keep all your supporting documents for six years in case the CRA asks to see them later.

 

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