What if I currently do not have sufficient income and do not file an annual T1 Income Tax Return, how do I record my HBP repayment?

Starting with the year that you make your first repayment, you are required to complete and file an annual T1 Income Tax Return. This is the only method to properly record your HBP repayment. You will need to attach the RRSP contribution slip, issued by the institution that administers your RRSP, to the T1 Income Tax Return and complete Schedule 7 – RRSP Unused Contributions, Transfers and HBP or LLP Activities.

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