Income Tax Information

RRSP Repayments to HBP and LLP

If you have made repayments to your RRSP for the Home Buyer's Plan (HBP) or Lifelong Learning Plan (LLP), you must complete Schedule 7 on your income tax return. If you fail to designate the RRSP payments as repayments of HBP or LLP, Canada Revenue Agency (CRA) will add to your income the minimum payment that was required for the year. Your RRSP contributions will reduce your unused RRSP deduction room carried forward, if they are deducted as regular RRSP contributions.

If you have not completed Schedule 7 properly in past years where you have made contributions to your RRSP, you should file a request to adjust your previous returns. See the article on changing your tax return once you have already filed it.

You can find Schedule 7 on the CRA website