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, PRPP, and SPP Unused Contributions, Transfers, and HBP or LLP Activities, and attach it to your income tax and benefit return. This schedule will also show the CRA your total HBP withdrawals and repayments in the year:
- In the year of the first HBP withdrawal, fill out Part E of Schedule 7
- In the second year after the year of the withdrawal, and in subsequent years, fill out Part B of Schedule 7
This schedule will help you and the CRA keep track of your repayments in future years. Do not report these amounts on line 12900 of your income tax and benefit return. Also, do not include any RRSP contributions designated as an HBP repayment on line 20800 of your income tax and benefit return.
You can also refer to the calculation chart to find the part of the contribution(s) you or your spouse or common-law partner made to an RRSP that are not deductible for any year.
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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