If you have made repayments to your RRSP for the Home Buyer's Plan (HBP) or Lifelong Learning Plan (LLP), 
did you know you must complete Schedule 7 on your income tax return? If you fail to designate the RRSP payments as repayments of HBP or LLP, Canada Revenue Agency 
(CRA) will add to your income the minimum payment that was required for the year. Your RRSP contributions will reduce your unused RRSP deduction room carried forward, if they are deducted as regular RRSP contributions.
If you have not completed Schedule 7 properly in past years where you have made contributions to your RRSP, you should file a request to adjust your previous returns
Repayments and how they should be completed and recorded came up in two different conversations I had this week with clients and valid questions they were. I said I would research it and get back to them. I wish I had never said that and the reason is, after trying to weed through the CRA website, 
I don't know if I am coming or going.
To make matters worse, I called and actually spoke to two different people and yup, you are right, I got two different answers.
Anyway, I was off on a tangent there, the first 3 paragraphs in this blog are factual and deemed to be correct according to Income Tax Act s.146.01(3) and 146.02(3).
I'm going to bed now and a friendly reminder, no need for sleeping pills, read the tax act!
Ty Lacroix Broker of Record & Owner
'NOT ALL REALTORS* ARE THE SAME', One call or email to me and you will know why!
Your London and S/W Ontario source for results!
519-435-1600 www.enveloperealestate.com
