You Repaid Your Home Buyers' Plan The CRA Still Taxed You

Thousands of Canadians in active Home Buyers' Plan repayment are filing their 2025 tax returns right now in 2026 — and making a double mistake they cannot undo. Making your annual HBP repayment to your bank is not enough. Without Schedule 7 filed correctly on your federal return, the CRA treats that deposit as a new RRSP contribution, adds the missed repayment to your taxable income, and permanently burns your contribution room — all at the same time. This year matters more than most: the HBP withdrawal limit increased to sixty thousand dollars and the lowest federal tax bracket dropped to fourteen percent for the first time in years. In this video we walk through exactly how the trap works, what it costs at every income level, how to check whether it has already caught you, and the four steps to fix it before your return is assessed.
Key topics covered: Home Buyers' Plan repayment rules, Schedule 7 CRA filing, RRSP contribution room, 2026 HBP withdrawal limit increase to $60,000, 2026 federal tax bracket changes, CRA My Account verification, ReFILE amendment process.
⚠️ Disclaimer: The information in this video is for general educational purposes only and reflects Canadian federal tax rules as published by the Canada Revenue Agency for the 2025 and 2026 tax years. It does not constitute personalized financial, tax, or legal advice. Tax rules vary by province and individual circumstances. Always consult a qualified tax professional or financial advisor before making decisions about your registered accounts or tax filings. Maple Market Brief is not affiliated with the Canada Revenue Agency or any financial institution.
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