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Thread: RRSP repayment

  1. #1
    Junior Member aphrodite9's Avatar
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    Default RRSP repayment

    Hi,

    So we took some money out of my RRSP in 2010 when buying our house (not a lot, just over $2,000). Anyway, I finally have to start repaying it and I completely forgot about that until I started my taxes this year. Because I was on EI (mat leave) in 2012 and some other things came up with the house, we didn't make any RRSP contributions. Had I remembered, I would have put some in once I started back to work in Jan.

    ANYWAY, because my contributions are "0", it's not letting me designate the minimum repayment amount on my taxes, but I want to start paying it back. How do I do this? Will I get dinged my the government because I can't designate this on my taxes? I can easily transfer money into the RRSP NOW, but I know we're past the due date for 2012.

  2. #2
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    strongmommy's Avatar
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    Hi there -

    You can add it now but it won't be applied to your repayment until the 2013 tax year (since its after March 1st).

    The worst thing that is going to happen is that you will have to include the repayment amount as income for the 2012 year. Not a huge deal and the way it has to be based on the timing of when you put a portion back in.

    Hope that helps.

  3. #3
    Junior Member aphrodite9's Avatar
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    Yes, it does. Thanks a million!

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