TP-935.3-V: Repayment of RRSP Funds Withdrawn Under the Home Buyers' Plan or the Lifelong Learning Plan

What’s in this article?

 

What is this?

Form TP-935.3-V is used if you are repaying registered retirement savings plan (RRSP) funds that you withdrew under the Home Buyers’ Plan (HBP) or the Lifelong Learning Plan (LLP). You must file this form with Revenu Québec for the tax year in which you repaid these funds.

The amount you repay must not be less than the minimum required, unless you start the repayment before the prescribed deadline. Specify on the form, the amount that is to be designated as a repayment. If you do not repay funds by the prescribed deadline or if the repayment is less than the minimum required, you must include the amount calculated on Part 4 of this form in your income for the year.

You must also complete the federal Schedule 7: RRSP and PRPP Unused Contributions, Transfers, and HBP or LLP Activities to designate contributions made to your RRSP as a repayment under the HBP or LLP.

 

Am I eligible?

If you repaid RRSP funds that you withdrew under the HBP or LLP, you must complete form TP-935.3-V for the tax year in which you repaid the funds, according to the terms and conditions of the plan.

Revenu 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 the 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.

 

Where do I claim this?

Follow these steps in H&R Block’s tax software to file your 2015 taxes:

Important: Before you begin, ensure that you told us that you lived in QUÉBEC on December 31st of the 2015 tax year, in H&R Block’s tax software. To do this:

  1. Click the HOME tab.
  2. Click the ABOUT YOU icon, and click the Your residence link. You will find yourself here:

Once you have confirmed your residence location, enter your RRSP repayment of HBP or LLP (TP-935.3-V) by following these steps:

  1. Click the PREPARE tab.
  2. Click the YOUR YEAR IN REVIEW. You will find yourself here:
  3. Click the checkbox labelled I contributed to an RRSP/PRPP or have unused contributions.
  4. Scroll to the bottom of the page and click Continue.
  5. Click the RRSPS AND INVESTMENTS icon. You will find yourself here:
  6. Under the RRSPS heading, select the checkbox labelled Repayment of RRSP funds withdrawn under the Home Buyers’ Plan or Lifelong Learning Plan (TP-935.3-V).
  7. Scroll to the bottom of the page and click Continue.

When you arrive at the page for QC - Repayment of RRSP funds withdrawn under the Home Buyers’ Plan or Lifelong Learning Plan (TP-935.3-V), enter your information into the tax software.

 

Where can I learn more?