If you make a withdrawal from an RRSP and pay withholding tax on that withdrawal, then there's nothing further to worry about. However, if you make a tax-free withdrawal under the Home Buyer's Plan or Lifelong Learning Plan consider the following:
- Generally, you must repay a Home Buyer's Plan withdrawal to an RRSP that you own within 15 years. For more information, visit here.
- Generally, you must repay a Lifelong Learning Plan withdrawal to an RRSP that you own within 10 years. For more information, visit here.
Aside from receiving a T4RSP, you will not receive any other tax slips from Wealthsimple in relation to a Home Buyer's Plan or Lifelong Learning Plan withdrawal. It will be up to you to claim a repayment to your RRSP on your personal income taxes based on the amount you contributed (as per your contribution slip). The balance to be repaid can be found on your Notice of Assessment which is issued by the CRA every year after your tax return is processed.
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