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Originally Posted by sonick
Quick stupid question RE: RRSP Withdrawal for First-Time Home Buyers.
When you are re-paying to the RRSP the amount withdrawn for first-time home buyers, are those repayments still tax-deductible/deferred from each years' income taxes?
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That wouldn't make sense right? Since when you intiially contributed, you gained the credit to reduce your taxable income. It looks like all you do is simply contribute the min 1/15th amount back into the rrsp (for that year) and for income tax purposes, you designate the amount "as repayment under HBP"
Here's what I got from the site,
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"An amount designated as a repayment cannot be claimed as a deduction on your income tax and benefit return."
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When and how much is your repayment
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"To designate your repayment, complete lines 245 and 246 of Schedule 7, RRSP and PRPP Unused Contributions, Transfers, and HBP or LLP Activities and file it with your income tax and benefit return. You have to do this even if you would not otherwise have to file an income tax and benefit return for the year."
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