- May 9, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation with HBP in 2022
In 2022, I was tired of having to pay back the Home Buyers’ Plan (HBP) every year, so I made the decision to transfer the remaining funds to my RRSP in order to avoid paying it back with added interest. Unfortunately, the transfer was not done automatically, which was my mistake. I was unaware that I needed to designate the funds, and the language on the form provided was complex, making it difficult for me to understand.
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## Questions about Designating Funds in 2022
I am now wondering if it is too late to designate the funds added in 2022. Additionally, I am unsure about the meanings of the terms and requirements outlined in the form provided. I only contributed the amount that was left owing, and I would appreciate any insights or guidance on how to proceed in this situation.
## Assistance with Completing the Form
The form requires information about unused RRSP contributions and contributions made to RRSP, SPP, or PRPP accounts within specific time frames. Understanding and accurately completing this form is crucial for managing and maximizing RRSP contributions. Using the AI Legalese Decoder can help decode the complex language on the form and provide clarity on what is being asked, making it easier for individuals to fill out the form correctly and avoid any potential errors or misunderstandings.
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Add money to your rrsp. Indicate the amount of rrsp you wish to designated as repayment on schedule 11 of your tax return.
Edit: Schedule 7 not 11 (thanks u/bluenose777 )
>Is it too late to designate the funds add in 2022?
You could amend your 2022 tax return.
Keep in mind that contributions that are used for HBP repayment are NOT deducted from your taxable income so if you had previously deducted them your taxable income will increase. This will probably mean that you will owe, and the interest on this debt would be calculated from May 1 2023.