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All the CRA wants to see is that you made a repayment contribution
Q: I want to know if I have to repay my HBP loan to the same RRSP account. I have an RRSP account at a financial institute that my company uses, but I like my RRSP at another financial institution (let’s call it Bank B), as they give me better returns on my mutual funds. I wonder if I can deposit my HBP repayment directly to the RRSP account in Bank B or must I repay it back to Bank A, where I withdrew the money? Are there any implications from either the CRA or Bank A?
— Chong, Edmonton, Alta.
is a real estate investor who also holds the Certified Financial Planner (CFP®) designation. Ayana is fee-based Financial Planner with Ryan Lamontagne Inc in Ottawa, ON.
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