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Thread: RRSP: 1st time home buyers re-payment

  1. #1
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    Default RRSP: 1st time home buyers re-payment

    Hey,

    just a quick question in regards to RRSP 1st time home buyers re-payment plans.

    I used my RRSP's to make a downpayment on my home last year, and now i'd like to start repaying them back this year. what do i need to fill out to notify Revenue Canada? forms?

    Also, my maximum RRSP contributions this year is approx $12000, can i exceed this amount if im putting some towards my income and some on my repayment plan??....or can i only put $12000 max and put like 50% towards repayment and 50% towards my income or whatever it may be.

    sorry if this doesnt make sense!!..haha...thanks

  2. #2
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    You can still buy more RRSP's, you just can't deduct tax on them. I would think you could max out your 12,000 and also pay off whatever you borrowed for your downpayment.

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    Originally posted by Mangina
    You can still buy more RRSP's, you just can't deduct tax on them. I would think you could max out your 12,000 and also pay off whatever you borrowed for your downpayment.
    +1 that's what I think too.

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    Originally posted by Mangina
    You can still buy more RRSP's, you just can't deduct tax on them. I would think you could max out your 12,000 and also pay off whatever you borrowed for your downpayment.

    that is correct there is line to fill out on your tax return to let them know to is to repay and not a new rsrp.

    if you dont direct any towards home loan repayement rev canada will do it for you.

  5. #5
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    awesome...thanks for your help, i'll look for this when i do my taxes...

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