Hello. I have few questions about the Home Buyers Plan. Sorry if this has been asked or the answer is obvious.

1) Since the withdrawal needs to be used within 30 days of withdrawal, when is the best time to request a withdrawal given that it can take time from the day you requested the withdrawal to having the money in your bank account? Just before closing date?

2) Once repayment begins, if I contribute $20,000 into RRSP, I can allocate say $2000 towards HBP repayment and $18,000 I can use as RRSP deduction or can I deduct the full $20,000 amount?

3) My spouse’s company annually contributes a small amount to her RRSP. If she withdraws money from RRSP, can she use her company’s contribution as a repayment?

Statistics: Posted by GooseAkuma — Jan 14th, 2020 5:04 pm

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