HBP Repayment Question
Mar 2016 - Pull $15K from RRSP A and $6.5K from RRSP B. Put entire amount towards builder required deposit (plus some from my wife as required was $30K)
Apr 2016 - Present - I never stopped contributing to both my RRSPs. For calculations-sake I'm going from Apr 2016 to Apr 2017 so 12 months/26 biweekly paycheques (but should be a bit more since I'm still contributing to both at present)
RRSP A $100 per paycheque = $2600.
RRSP B $75 per paycheque = $1950
Total of $4550. I know it was last year but am I allowed to say I want that $4550 from 2016-2017 as part of my HBP repayment? Reason I'm asking is because next month will be my 2nd year and from what I understand that's when I'm required to start paying back the RRSP HBP. Just wondering if they can go back a year and count it towards the repayment.
Just wanted to try to pay as much of it back asap. Why? Correct me if im wrong but First Time HB resets at 5 years? What if I still owe money in my HBP on the 6th year and I want to get a new house and pull from my RRSP again knowing I still owe money?
Bonus question - my work matches RRSP contributions $1 for every $2. Can I count that match as part of my repayment?
Thanks in advance all!