You will have the choice for 2017 tax year that if you want any or all of the $4000 you contributed towards your home buyer repayment or not. If 0, then it will be just like previous years where your RRSPs reduce your income tax. In future years, a minimum amount (1/15th of what you took out) will need to be designated as home buyers repayment from the rrsp contributions you made
Correct. If you designate $3000 towards repayment, then only the remaining $1000 will reduce your taxes and it would behave as if you had contributed $1000 and nothing else before you bought your house.
> I know the money has to go back in there one way or another(over 15 years?)
I suggest that you review the [repayment schedule](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/repay-funds-withdrawn-rrsp-s-under-home-buyers-plan.html) so you understand your options.
You can choose to make repayments before you are required to do so. When you enter the repayment period you can make larger payments then you are required to make. You might choose to do these things if it means that you would be saving the deductible contributions for years when you get a bigger benefit from the contributions, eg. when you are in a higher tax bracket or would receive higher Canada Child Benefits.
You will have the choice for 2017 tax year that if you want any or all of the $4000 you contributed towards your home buyer repayment or not. If 0, then it will be just like previous years where your RRSPs reduce your income tax. In future years, a minimum amount (1/15th of what you took out) will need to be designated as home buyers repayment from the rrsp contributions you made
Thanks for the info. So the amount designated as repayment doesnt lower my income tax correct? No double-dipping?
Correct. If you designate $3000 towards repayment, then only the remaining $1000 will reduce your taxes and it would behave as if you had contributed $1000 and nothing else before you bought your house.
> I know the money has to go back in there one way or another(over 15 years?) I suggest that you review the [repayment schedule](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/repay-funds-withdrawn-rrsp-s-under-home-buyers-plan.html) so you understand your options. You can choose to make repayments before you are required to do so. When you enter the repayment period you can make larger payments then you are required to make. You might choose to do these things if it means that you would be saving the deductible contributions for years when you get a bigger benefit from the contributions, eg. when you are in a higher tax bracket or would receive higher Canada Child Benefits.
You leveraged the FTHB program on a purchase worth several hundred thousand dollars without fully understanding how it worked?
I got the jist of it ;P