Repayments to your RRSP

The amount you withdrew under the HBP must be repaid to your RRSP within a maximum of 15 years, starting in the 2nd year after registering for the HBP.

To this end, a repayment made during the calendar year or within the following 60 days can count for the given year. Mandatory repayments for each year not made during the stipulated time frame will simply be considered as income for the contributor.

Any repayments made under the HBP are designated as such, apart from RRSP contributions you have made. Of course, such designated contributions cannot be deducted as an RRSP contribution.