There are certain expectations when you make a withdrawal from an RRSP! If you made a withdrawal from an RRSP and paid withholding tax on that withdrawal, then there's nothing further to worry about. But, if you made 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 back to your RRSP within 15 years (For more detailed information, visit here)
- Generally, you must repay a Lifelong Learning Plan withdrawal back to your RRSP within 10 years (For more detailed information, visit here)
- Note that aside from receiving a T4RSP you will not receive any other tax slips in relation to an HBP or LLP withdrawal - the onus will be on 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.
You do not need to make repayments directly to the RRSP you withdrew from. For example, if you made an HBP withdrawal from an RRSP you have at another institution, you have the option of making the repayment contributions to your RRSP with Wealthsimple!