Protected B when completed | ||||||||||||||||||
Part B – Repayments under the HBP and the LLP | ||||||||||||||||||
If you withdrew funds from your RRSP under the HBP or the LLP before 2022, you may have to make a repayment to your RRSP, PRPP or SPP for 2023. Your 2023 minimum required repayment is shown on your latest notice of assessment or reassessment, or Form T1028 for 2023. |
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Complete lines 7 and 8 below if you are designating contributions made from January 1, 2023, to February 29, 2024, to your own RRSP, PRPP or SPP as a 2023 repayment under the HBP or the LLP. If you designate less than the minimum required repayment amount for 2023, report the difference on line 12900 of your return. |
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If you are not required to make a repayment under the HBP or the LLP, enter "0" on line 9 and continue at line 10. | ||||||||||||||||||
Do not include any of the following amounts on lines 7 and 8: | ||||||||||||||||||
• | any amount you deducted or designated on your 2022 return as a repayment or that was refunded to you | |||||||||||||||||
• | any contributions or transfers you will be including on line 15 or line 18 in Part C | |||||||||||||||||
For more information on the HBP, go to canada.ca/home-buyers-plan. | ||||||||||||||||||
For more information on the LLP, go to canada.ca/lifelong-learning-plan. | ||||||||||||||||||
Total contributions from line 5 of the previous page | 6 | |||||||||||||||||
Contribution designated as a repayment under the HBP | 24600 | 7 | ||||||||||||||||
Contribution designated as a repayment under the LLP | 24620 | + | 8 | |||||||||||||||
Line 7 plus line 8 | Total repayments under the HBP and the LLP | = | ► | – | 9 | |||||||||||||
Line 6 minus line 9 | Contributions available to deduct | = | 10 | |||||||||||||||
Part C – RRSP deduction | ||||||||||||||||||
Complete this part to calculate your RRSP deduction on line 20800 of your return. | ||||||||||||||||||
Note: | You may not have reported income that you received in a previous year on your return for that year. If reported, that income may give you more room to contribute to an RRSP, PRPP or SPP in later years. To ensure your RRSP deduction limit is up to date and maximized, file your return for that year and report the income. |
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Enter your RRSP deduction limit for 2023 as shown on your latest notice of assessment or | ||||||||||||||||||
reassessment, or Form T1028 for 2023. | 11 | |||||||||||||||||
Enter your 2023 employer PRPP contributions from line 20810 of your return. | – | 12 | ||||||||||||||||
Line 11 minus line 12 | = | 13 | ||||||||||||||||
Contributions available to deduct from line 10 above | 14 | |||||||||||||||||
Transfers (1) | 24640 | – | ► | 15 | ||||||||||||||
Line 14 minus line 15 | = | 16 | ||||||||||||||||
Enter whichever is less: amount from line 13 or line 16. | 17 | |||||||||||||||||
Enter your RRSP, PRPP or SPP contributions you are deducting for 2023 | ||||||||||||||||||
(cannot be more than the amount on line 17). | + | 18 | ||||||||||||||||
Line 15 plus line 18 | = | 19 | ||||||||||||||||
Enter whichever is less: amount from line 10 or line 19. | ||||||||||||||||||
Enter this amount on line 20800 of your return. | RRSP deduction | 20 | ||||||||||||||||
(1) | You may have reported income on line 11500, line 12900 or line 13000 of your 2023 return. If you transferred certain types of this income to your RRSP, PRPP or SPP on or before February 29, 2024, you can claim the same amount on line 24640 as a transfer. Claiming the transfer ensures that your RRSP deduction limit is not reduced by that amount. For more information about amounts you can transfer, see Guide T4040. |
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5000-S7 E (23) | Page 3 of 4 | |||||||||||||||||
Protected B when completed | ||||||||||||||||||
Part D – Unused RRSP contributions available to carry forward | ||||||||||||||||||
Enter your contributions available to deduct from line 10 of the previous page. | 21 | |||||||||||||||||
Enter your RRSP deduction from line 20 of the previous page. | – | 22 | ||||||||||||||||
Your unused contributions available | ||||||||||||||||||
Line 21 minus line 22 | to carry forward to a future year | = | 23 | |||||||||||||||
Your unused RRSP contributions previously reported and available to deduct for 2024 will be shown on your 2023 notice of assessment. |
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Part E – 2023 withdrawals under the HBP and LLP | ||||||||||||||||||
Complete this part if you withdrew funds from your RRSP under the HBP or LLP in 2023. | ||||||||||||||||||
For more information on the HBP, go to canada.ca/home-buyers-plan. | ||||||||||||||||||
For more information on the LLP, go to canada.ca/lifelong-learning-plan. | ||||||||||||||||||
HBP: Amount from box 27 from all of your 2023 T4RSP slips | 24700 | 24 | ||||||||||||||||
Tick this box if the address on page 1 of your return is the same as the address of the home | ||||||||||||||||||
you purchased under the HBP. | 25900 | 25 | ||||||||||||||||
LLP: Amount from box 25 from all of your 2023 T4RSP slips | 26300 | 26 | ||||||||||||||||
Tick this box to designate your spouse or common-law partner as the student you withdrew the funds for under the LLP. You can only make this designation on the return for the year you make your first withdrawal under the LLP. If you do not tick this box, you will be considered |
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the student for LLP purposes. | 26400 | 27 | ||||||||||||||||
Part F – 2023 contributions to an amateur athlete trust | ||||||||||||||||||
Complete this part to report qualifying performance income (generally endorsement income, prize money or income from public appearances received by an amateur athlete) contributed in 2023 to an amateur athlete trust. This income qualifies as earned income when calculating the RRSP deduction limit of the trust's beneficiary. |
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Enter the amount of income that was contributed to an amateur athlete trust in 2023. | 26700 | 28 | ||||||||||||||||
See the privacy notice on your return. | ||||||||||||||||||
5000-S7 E (23) | Page 4 of 4 |