January 20, 2010 | Good to Know

IF YOU BOUGHT YOUR FIRST HOME IN THE YEAR 2007 AND YOU WITHDREW MONEY FROM YOUR RRSP’S UNDER THE FIRST TIME HOME BUYER’S PLAN, YOU MUST START PAYING YOUR LOAN BACK TO YOURSELF NOW!  This means you have to make an RRSP contribution by the RSP deadline this year (the end of February) of at least 1/15th of what you withdrew, or 1/15th of what you withdrew will be added to your income and you will be taxed on that amount.

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