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What are my obligations under Home Buyers Plan withdrawal?

April 26, 2017Buyers Home obligations Plan withdrawal

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What are my obligations under Home Buyers Plan withdrawal?

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Withdrawn amount has to be repaid over a 15-year period, starting with the second year after the withdrawal. Canada Revenue Agency notifies every year the date by which it has to be repaid and yearly instalment. If repayment through investment in RRSP (even if no room to invest) does not happen before the stipulated date, it is added as income for that year.