So, my common law spouse and I purchased a house in August. I used money from my RRSP for the down payment. (Home Buyers' Plan)
I have two questions when filing my taxes for next year:
I read that there is a $750 credit for first time home buyers, that one of use can claim or we can split. Is this a one time only thing I can claim? Anyone else have any advice for this?
Also, with the Home Buyers' Plan, I know I'll have to record what I've paid back into the RRSP, as I'm "paying back" the amount I borrowed. So, I put $50/month into my RRSP, so does that mean I would just have to record what I've paid back since my Sept. 1 contribution? So, $50/month for the rest of 2016 would be $200, and then another $100 for my January and February contributions?
Obviously I can talk to the person who we met with for our mortgage, I just find it beneficial to hear other people's experiences or advice. Thank you!!