As a resident of Québec, if you’ve previously withdrawn funds from your RRSP in order to take advantage of either the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP), you’ll need to complete form TP-935.3-V in the year you begin making repayments.
Note: The TP-935.3-V form is combined with the federal Schedule 7: RRSP contributions and HBP or LLP repayments in H&R Block’s tax software.
The amount of your RRSP contributions you designate for repayments can’t be less than the minimum amount required, unless you decide to make payments before the prescribed deadline. This amount can be found on your most recent notice of assessment or reassessment. If your repayment amount is less than the required amount, or if you don’t make a payment by the deadline, the required repayment amount will be added to your income for the year.
What is a prescribed deadline?
Revenue Québec says…
For the HBP, you must, as a rule, begin making repayments in the second year following the year you made the withdrawal. Repayment may be made over a period of 15 years.
For the LLP, you must, as a rule, begin making repayments between the third and sixth year following the year you made the withdrawal. Repayment may be made over a period of 10 years. In both cases, you may begin repayment before the prescribed deadline.
Did the RRSP contributions entered in your 2016 return include an RRSP deduction or other deduction on your 2015 return?
Unfortunately, if the RRSP contributions entered in your 2016 return were deducted on line 214 (RRSP or PRPP/VRSP deduction) or line 250 (Other deductions) of your 2015 Québec return, you won’t be able to designate that amount as a repayment to the Home Buyers’ Plan or the Lifelong Learning Plan on this year’s return.
For example, if you contributed $1,000 to your RRSP in January 2016, and another $5,000 in March 2016, you won’t be able to designate the amount contributed in January as a repayment amount if you claimed the amount on your 2015 return.
If your RRSP contribution was the result of a direct transfer of income from an RRSP, RRIF, RPP, or DPSP, you might not have received an information slip showing the amounts transferred. If that’s the case, you can speak with the financial institution that’s in charge of administering your RRSP to determine the amount that was transferred.
Where do I claim this?
Follow these steps in H&R Block’s tax software to file your 2016 taxes:
Important: Before you begin, be sure that you told us you lived in Québec on December 31, 2016.
- On the QUICK ENTRY tab, click the QUICK SLIP icon. You will find yourself here:
- Type RRSP contribution receipt in the search field and either click the highlighted selection or press Enter to continue.
- When you arrive at the Schedule 7 page, enter your information into the appropriate fields under the Your Québec HBP/LLP heading.