You have to pay back the amount withdrawn from your RRSP under the HBP over 15 years beginning the second year after the year of withdrawal. Each repayment is 1/15th of the total amount withdrawn.
To make a repayment under the HBP, you must make contributions to your RRSPs in the year the repayment is due or in the first 60 days of the following year. You can contribute the repayments to any of your RRSPs. Once your contribution is made, you can designate all or part of the contribution as a repayment under the HBP.
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.