What is the Home Buyers' Plan?
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Repaying the withdrawn funds
The funds you withdraw must be paid back into your RRSP over a period of 15 years. At least 1/15 of the borrowed amount must be re-contributed every year.
To repay, make contributions to your RRSP, and at tax time, designate the relevant portion of your contributions as your Home Buyers’ Plan repayment.
You can repay more than the required minimum in any given year. Your Notice of Assessment can help you keep track of how much you owe. If you repay less than the minimum amount in a year, the difference is considered to be RRSP income and is taxed at your marginal tax rate.