Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: taxing on February 22, 2008, 01:26:28 AM
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I am a Canadian Resident who used RRSP's to purchase a house, utilizing the "home buyers plan" where in you have to pay back the RRSP amount. I have been purchasing RRSP's yearly and was applying the taxable amount back. Since I have the Quick Tax program Revenue Canada is not recognizing the RRSP contribution as reimbursable to home buyer's plan. Where in the Quick tax program do you do this?
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I am a Canadian Resident who used RRSP's to purchase a house, utilizing the "home buyers plan" where in you have to pay back the RRSP amount. I have been purchasing RRSP's yearly and was applying the taxable amount back. Since I have the Quick Tax program Revenue Canada is not recognizing the RRSP contribution as reimbursable to home buyer's plan. Where in the Quick tax program do you do this?
Firstly, you need to get yourself an accountant. You should have received a T4RSP from your financial institution - which you need to use in completing schedule 7. You had to take it out as part of a plan, and you couldn't withdraw more that $20,000... which you had in the plan for at least 90 days prior...hopefully you followed the rules.