Home Buyers Plan (HBP) Repayment Question

[flamersfan]

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.

[Canehdianman]

My understanding is that you can put in 11k in that scenario

[ranchlandsselling]

I'd guess it's $11,000 as you're essentially repaying money from prior years which isn't part of your 2014 limit.
That said, I'm just reading it as you posted and trying to apply common sense. I could be totally wrong.

[calgarywinning]

You can contribute 11,000 but $1000 is specified as a homebuyer repayment. So the new contribution would be $10,000 and that is the amount your income tax would be lowered by.

When you fill out your income tax there is a place to specify this.