Skip to content

Find a question

Can’t find what you’re looking for? Ask us a new question!

After withdrawing from my RRSP under the Home Buyers’ Plan (HBP), are the funds that are paid back mine?

Categories:

Tags:

Our response:

When you withdraw from your RRSP to buy or build a qualifying first home under the Home Buyers’ Plan (HBP) you generally have 15 years to repay (or recontribute) it to your RRSP with repayment due each tax year. To make a repayment under the HBP, you have to make a contribution(s) to your RRSP in the year the repayment is due or in the first 60 days of the year after. Once your contribution is made, you can designate all or part of the contribution as a repayment. However, you can repay the full amount into your RRSP at any time. If for any reason an amount is not repaid within a tax year or 60 days of the year after, that amount must be added to your tax return as RRSP income and will be taxed accordingly.

Can’t find what you’re looking for?

Close
Copy the URL to share:

Close
  Share the site: