# Example - Calculation of annual repayment amount

## Example

In 2007, Suzanne withdrew \$16,500 from her RRSPs to participate in the HBP. Her minimum annual repayment starting in 2009 was \$1,100 (\$16,500 ÷ 15).

Suzanne made the repayment for 2009, 2010 and 2011.

In 2012, Suzanne received an inheritance and decided to contribute \$8,000 to her RRSPs and designate that amount as a repayment under the HBP for 2012.

She calculates the amount she has to repay for the year 2013, using the chart below.

Example of a calculation of a Home Buyers' Plan repayment
Year Column A
HBP balance (column A minus column C for the previous year)
Column B
Amount Suzanne has to repay for the year
Column C
Amount Suzanne repays and designates as a repayment for the year
2009 \$16,500 \$1,100
(16,500 ÷ 15)
\$1,100
2010 \$15,400 \$1,100
(15,400 ÷ 14)
\$1,100
2011 \$14,300 \$1,100
(14,300 ÷ 13)
\$1,100
2012 \$13,200 \$1,100
(13,200 ÷ 12)
\$8,000
2013 \$5,200 \$472.73
(5,200 ÷ 11)
\$472.73
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