I have used my RRSP for buying my home. And I have received T4RSP slips for income tax purpose.

Do I will have to report my own RRSP as a income now? I did not get this. Can any body explain please?

Thanks

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As long as you have repaid the required annual minimum, the loan amount is not taxable income.

If I recall, the minimum repayment amount kicks in the second year after your loan and is 1/15th of the loan amount (i.e you repay equal amounts for 15 years).

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Dimple2001

Did you withdraw under the Home Buyer's Plan or processed a de-registration ? IMO you would receive a T4RSP if you have dereged your funds not if you have withdrawn under HBP. In any case under HBP you do not have to report that as an income. However I am confused as to why you received a T4RSP if you withdrawal was under HBP. A tax expert would be able to guide you.

Quote:

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Originally posted by love_n_peace

I have used my RRSP for buying my home. And I have received T4RSP slips for income tax purpose.

Do I will have to report my own RRSP as a income now? I did not get this. Can any body explain please?

Thanks

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You do receive a T4RSP under HBP. Check this.

Your RRSP issuer will send you a T4RSP, Statement of Registered Retirement Savings Plan Income, showing the amount you withdrew under the HBP in box 27. You have to attach this slip to your income tax return.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/jnng-eng.html


This is not your income however you have to report the withdrawal in your returns.

Wow!!! thanks guys for your information. Its really useful.

Thanks Iceberg and dimple2001

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