17: TFSA vs. RRSP
Money Feels
00:00
What Happens if You Don't Repay Your Home Buyers Plan?
For the first time home buyers plan, you have to begin repaying two years after you buy your home. You can withdraw up to $10,000 per year to a maximum of $20,000 for school. It's essentially giving a loan to yourself from your RSP. If you don't make a repayment in a year, that amount gets taxed as income to you. And then that contribution room from the RSP is essentially gone.
Play episode from 27:41
Transcript
