To repay withdrawals under the HBP, make contributions to any of your RRSPs in the year the repayment is due or in the first 60 days of the following year. You have to file a completed Schedule 7 with your income tax return to designate the contributions as an HBP repayment.
You will receive a Home Buyers’ Plan (HBP) Statement of Account each year with your Notice of Assessment or Reassessment. This statement will show the total HBP withdrawals, the amount you have repaid to date, your HBP balance, and the amount you have to repay the following year.
Note
Even if you declare bankruptcy you still have to make the annual repayment to your RRSPs for each year remaining in your HBP participation period, until all amounts withdrawn under the HBP is repaid. If you do not make the repayment for a year, it will have to be included in your income for that year.
You can also find out about your HBP withdrawals and balances by registering for My Account. Once you've registered and received your password, you can sign in and access your HBP account.
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