Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Home Buyers Plan (HBP) Repayment Question

flamersfan · 01-01-2015, 06:33 PM

Hi, I have tried searching Google but could not find the exact answer I am looking for. I was hoping someone here could help out.

For 2014, let's say I need to repay $1,000 for the HBP in 2014 and my 2014 RRSP contribution limit is $10,000. Can I contribute a total of $11,000 to my RRSP and deduct the $10,000 from my taxable income? Or can I only contribute $10,000 to my RRSP, and only deduct $9,000, because $1000 is used for the HBP repayment.

01-01-2015, 06:33 PM	#1
flamersfan Backup Goalie Join Date: Jan 2004 Location: Calgary Exp:	Home Buyers Plan (HBP) Repayment Question Hi, I have tried searching Google but could not find the exact answer I am looking for. I was hoping someone here could help out. For 2014, let's say I need to repay $1,000 for the HBP in 2014 and my 2014 RRSP contribution limit is $10,000. Can I contribute a total of $11,000 to my RRSP and deduct the $10,000 from my taxable income? Or can I only contribute $10,000 to my RRSP, and only deduct $9,000, because $1000 is used for the HBP repayment.