Repaying your withdrawals

Over a period of no more than 15 years, you have to repay to your RRSPs the amounts you withdrew under the HBP. Generally, for each year of your repayment period, you have to repay 1/15 of the total amount you withdrew, until the full amount is repaid to your RRSPs. Your repayment period starts the second year following the year you made your withdrawals.

To make a repayment under the HBP, you have to make contributions to your RRSPs in the year the repayment is due or in the first 60 days of the following year. You can contribute the repayments to any of your RRSPs. Once your contribution is made, you can designate all or part of the contribution as a repayment under the HBP.

To designate your repayment, complete lines 245 and 246 of Schedule 7 and file it with your tax return. You have to do this even if you would not otherwise have to file a tax return for the year.

You will receive a Home Buyers' Plan (HBP) Statement of Account, each year with your notice of assessment or notice of reassessment. This statement will show the total HBP withdrawals, the amounts you have repaid to date, your HBP balance, and the amount you have to contribute to your RRSP and designate as a repayment for the following year.

Note
Even if you declare bankruptcy, you still have to make the annual repayment to your RRSPs for each year remaining in your HBP participation period, until all amounts withdrawn under the HBP are repaid. If you do not make the repayment for a year, it will have to be included in your income for that year.

You can also find out about your HBP withdrawals and balances by registering for My Account. Once you've registered and received your password, you can sign in and access your HBP account.

Forms and publications

• Guide RC4135, Home Buyers' Plan (HBP)