What is HBP repayment in Schedule 7?
[Top][Tax] HBP plan is only for first time home buyer, so you can only claim it once in life. After that, you need to buy RRSP every year to repay this HBP withdrawal by at least a minimum amount until it’s all paid back. Your HBP repayment should be entered into line 246 in schedule 7. This repayment can not be used to reduce your net income as regular RRSP purchase. If you don’t buy RRSP in a year to fulfill the repayment requirement, CRA will add the minimum HPB repayment amount to line 129 of your T1, as your RRSP income. You need to pay income tax on that. • Why are there three download versions and different sites? [Top][install] All 3 versions have the same myTaxExpress program packaged inside and can be used to prepare tax returns and generate NETFILE or EFILE. For the same version, all download sites are working as backup to one another. MINI version is the smallest in size, so it’s best for dial-up internet users. Standard version adds CRA official tax forms in the package, s
