Comments on: The Home Buyers Plan (HBP) http://blog.taxresource.ca/the-home-buyers-plan-hbp/ Canadian Tax Help & Financial Planning Resources Sun, 12 Feb 2012 02:53:18 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Tax Guyhttp://blog.taxresource.ca/the-home-buyers-plan-hbp/comment-page-4/#comment-10245 Tax Guy Tue, 15 Mar 2011 14:22:02 +0000 http://blog.taxresource.ca/?p=339#comment-10245 You will designate any contributions as repayments on your 2010 tax return. You will designate any contributions as repayments on your 2010 tax return.

]]> By: Melissahttp://blog.taxresource.ca/the-home-buyers-plan-hbp/comment-page-4/#comment-10242 Melissa Tue, 15 Mar 2011 03:49:52 +0000 http://blog.taxresource.ca/?p=339#comment-10242 Hi there I was hoping you could help me with an inquiry on the HPB withdrawl. I took out a withdrawl in December 2010 and I have been making deposits biweekly to my rrsp ever since then. Now the total of these deposits are more than 1/15th of the withdrawl but I am unaware as to whether these deposits are automatically counted as me paying back, or do I have to let CRA know that I am paying it back? Just confused on how this works... Any help would be appreciated. Thank you! Melissa Hi there I was hoping you could help me with an inquiry on the HPB withdrawl. I took out a withdrawl in December 2010 and I have been making deposits biweekly to my rrsp ever since then. Now the total of these deposits are more than 1/15th of the withdrawl but I am unaware as to whether these deposits are automatically counted as me paying back, or do I have to let CRA know that I am paying it back?
Just confused on how this works… Any help would be appreciated.
Thank you!
Melissa

]]> By: Tax Guyhttp://blog.taxresource.ca/the-home-buyers-plan-hbp/comment-page-4/#comment-10163 Tax Guy Thu, 10 Mar 2011 17:03:40 +0000 http://blog.taxresource.ca/?p=339#comment-10163 There is noting to do to report participation because the withdrawal was already designated. There is noting to do to report participation because the withdrawal was already designated.

]]> By: Tina Chttp://blog.taxresource.ca/the-home-buyers-plan-hbp/comment-page-4/#comment-10160 Tina C Thu, 10 Mar 2011 16:39:49 +0000 http://blog.taxresource.ca/?p=339#comment-10160 Thanks for your quick reply! I think it is a bug. I will send them a message. Thanks for your quick reply! I think it is a bug. I will send them a message.

]]> By: JJ Footehttp://blog.taxresource.ca/the-home-buyers-plan-hbp/comment-page-4/#comment-10154 JJ Foote Thu, 10 Mar 2011 13:30:23 +0000 http://blog.taxresource.ca/?p=339#comment-10154 So I don't need to worry about entering any of the details on my 2010 return? So I don’t need to worry about entering any of the details on my 2010 return?

]]> By: Tax Guyhttp://blog.taxresource.ca/the-home-buyers-plan-hbp/comment-page-4/#comment-10132 Tax Guy Wed, 09 Mar 2011 21:52:24 +0000 http://blog.taxresource.ca/?p=339#comment-10132 If you have owned a home before and you are not common law, then you qualify. Be careful if you move in with her as you may suddenly fund yourself as common law, which is someone living with you in a conjugal relationship for the last 12 months.The CRA actually has a quick questionnaire that helps answer the question <a href="http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/cndtns/frst-eng.html" rel="nofollow">here</a>. If you have owned a home before and you are not common law, then you qualify. Be careful if you move in with her as you may suddenly fund yourself as common law, which is someone living with you in a conjugal relationship for the last 12 months.

The CRA actually has a quick questionnaire that helps answer the question here.

]]> By: Tonyhttp://blog.taxresource.ca/the-home-buyers-plan-hbp/comment-page-4/#comment-10117 Tony Wed, 09 Mar 2011 13:09:21 +0000 http://blog.taxresource.ca/?p=339#comment-10117 Reading the posts it seems obvious that both spouse/common law partners must qualify to use the HBP. My scenerio is a little different in that I would like to buy a home with my girlfreind who I do not live with currently. She is a homeowner already and I am not. Can I still use my $25k as I would be considered a first time homebuyer. Reading the posts it seems obvious that both spouse/common law partners must qualify to use the HBP. My scenerio is a little different in that I would like to buy a home with my girlfreind who I do not live with currently. She is a homeowner already and I am not. Can I still use my $25k as I would be considered a first time homebuyer.

]]> By: Tax Guyhttp://blog.taxresource.ca/the-home-buyers-plan-hbp/comment-page-4/#comment-10115 Tax Guy Wed, 09 Mar 2011 09:52:43 +0000 http://blog.taxresource.ca/?p=339#comment-10115 I'd suggest contacting UFile. I’d suggest contacting UFile.

]]> By: Tax Guyhttp://blog.taxresource.ca/the-home-buyers-plan-hbp/comment-page-4/#comment-10114 Tax Guy Wed, 09 Mar 2011 09:52:22 +0000 http://blog.taxresource.ca/?p=339#comment-10114 Tina, You should be able to enter an amount on Line 246 of Schedule 7. There is no reason I can think of that would limit you from using a past contribution. Tina,
You should be able to enter an amount on Line 246 of Schedule 7. There is no reason I can think of that would limit you from using a past contribution.

]]> By: Tax Guyhttp://blog.taxresource.ca/the-home-buyers-plan-hbp/comment-page-3/#comment-10109 Tax Guy Wed, 09 Mar 2011 09:30:36 +0000 http://blog.taxresource.ca/?p=339#comment-10109 Before. The CSB's have to be sold so that the cash can be used to buy the house. Before. The CSB’s have to be sold so that the cash can be used to buy the house.

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