How do I repay the amount withdrawn under the HBP?

Modified on Tue, 23 Apr at 10:32 AM

As outlined by the Government of Canada, when you're ready to start repaying the amount withdrawn under the Home Buyer's Plan (HBP), you will need to:

Make contributions to your RRSPs, PRPPs, or SPP in the year the repayment is due or in the first 60 days of the year after. Once your contributions are made, you can designate all or part of the contributions as a repayment.
To designate your repayment, fill out Schedule 7, RRSP, PRPP, and SPP Contributions and Transfers, and HBP and LLP Activities and enter the amount of the repayment on line 24600 and attach it to your income tax and benefit return. You have to fill out and send the CRA an income tax and benefit return until you have repaid all of your HBP withdrawals or included them in your income.

You can learn more about HBP repayments here.

Of course, if have any questions or need assistance, you can always reach out to our support team - and a team member would be happy to help you.