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
YearColumn 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