Hey folks

In the past, i've always struggled my way through taxes. But this past year, i took money out of my RRSP's and DSP i believe to buy the house.

Is that gonna make doing tax's much harder? Should someone be sending me some random forms/receipts for that stuff? Was i supposed to keep receipts from way back when for that?

Alternatively, should i go throuhg HR Block or something? Don't really wanna pay $80 to get them done, especially since i probably won't get much back this year.

 

did you do the 1st time home buyers thing
i need more info
if you moved $ form rsp's to pay for part of the home you have 15yr to repay it to the rsp's
but if you remove the $ form your rsp's then whet to get a home you may have to pay on that $
the bank will send you a t4 typ thing

 

I did use the first time home buyers thing as it was our first home.

 

you have 15yr to repay it
on your taxs you need to show that is where the $ went (if you do not repay it in the time then you need to pay taxs on the $
when you do rsp's you will need to say if you are repaying or getting more rsp's
you do not have to repay to get more rsp's

 

Honestly man, its only $80 go to H&R Block and make certain they are done right for $80 it can save you a lot of hassle next fall if the Government decides you need to get reassessed and next thing you know wham you owe $1700 like me all because number xxxxx should have been put in column A not column B

 

i'd tend to agree... for the $80 i'd get someone to do it for you. that said personal taxes shouldn't be $80 iirc. when i was getting them done at HR block it was like 30-40 only.

 

Hey Hard Rock,

The HBP (Home Buyers Plan) requires that your first repayment is due the second year following the year in which you made your withdrawals.

You will receive a T4RSP that will indicate the amount (box 27) that was withdrawn from your RRSP's to be used for the purchase of your home... this T4RSP should likely come in the same tax year that you made the withdrawl and will be required to be submitted in your tax return for that year.

Your will be advised of what amount is due for repayment on the "Notice Of Assessment" that you get at the end of each tax year.

Example: (from my personal experience)

2004
Withdrew funds from RRSP for HBP purchase of new home
Received T4RSP and included in 2004 Tax Return

2005
Taxes filed, no HBP repayment required.
"Notice of Assessment" received (end of May) confirming: 2006 RRSP Deduction Limit and 2006 Home Buyers Plan Statement of Account. This told me the amount that would be required for repayment to the HBP in the 2006 Tax Year.

2006(7)
Taxes filed for 2006 Tax Year will include a redirect of the RRSP contributions made in this year toward the HBP to meet the minimum required contribution. This will be the first repayment.

This link might be of help:
http://www.cra-arc.gc.ca/tax/individuals/topics/rrsp/hbp/menu-e.html

As my tax returns are pretty basic with no complex deductions or business tax issues, I do my own taxes using a program such as QuickTax - I prefer to take ownership of the process as opposed to hiring it out... but that's just my opinion. I am not a tax professional or expert either.

If you have any other questions about this, I would talk to your financial institution from which the RRSP funds were drawn.

Hope this helps!

 

as it turns out, all that stuff was pretty easy now that i have all the forms and am able to go through the software.

That being said, i'm curious as to whether the alberta residents need to put the $400 gst credit they received for being a resident of alberta or not.

 

My guess is that (if you are using software and DIY'ing it) when you are filling out your personal information, the Provincial requirements will come up - that and when you fill in the box stating if you were a full-time/part time student. Did you get any sort of receipt for it or when you received the cheque was there any attachment to be kept for tax filing?