Question

Can I claim my first time Home buyer deduction the year after pruchase?

Forum|Forum|3 years ago
December 31, 2022
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Turbo tax missed including my 2020 return with first time home buyer Can I include the deduction in my 2021 return?

Repayments for the Home Buyers' Plan (HBP) are made with contributions to your RRSP in the year of the repayment or 60 days in the following tax year. The Canada Revenue Agency (CRA) will have included the payment for you if it was due. As per our TurboTax article Understanding Your Home Buyers’ Plan "However, if you fail to make a contribution in any year, it doesn’t increase the future payments’ amounts. The missing payment will be added to line 12900 of your income tax return as an RRSP income. Then, future payments will not be changed."

For more information on how to include your HBP payments, please see our TurboTax article: Understanding Your Home Buyers’ Plan.

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