Home Buyers Plan

HB_8888 · ‎May 27, 2021

Hello Friends,

I have a quick question.

Client too money from RRSP under HBP in 2009 but never filed taxes for 2018,2019 & 2020.

Total withdrawals is $5000

Minus $2,331

Balance left $2,669

Minimum repayment for 2018 $333

For 2018 taxes I am good, but what number do I carry forward for 2019 & 2020 since client did not make any payments?

Thanks very much for you help in advance.

HB_8888 · ‎May 30, 2021

Thanks very much James. It makes sense how you calculate the balance to 2018, 2019 & 2020.

View solution in original post

JamesCampbell · ‎May 30, 2021

if they did not have any rrsp contributions in 2018,2019 or 2020 then you would have to include the 333 in income for each year and the carryforward would be 2669 minus 333 =2336 for 2019 and then 2336 minus included income of 333 = 2003 for 2020 profile should calculate and carry forward the amounts automatically for you. so the balance at the end of 2020 should be 2003 to carry forward to 2021. hope this helps. and hope i am right. lol

HB_8888 · ‎May 30, 2021

Thanks very much James. It makes sense how you calculate the balance to 2018, 2019 & 2020.