Aug 31 2016

he eligibility condition is that the beneficiary’s RRSP contributions must remain in the RRSP for not less than 90 days before he or she can withdraw the funds under this scheme. Otherwise, they may not be deductible at all for any year. As a general condition, all withdrawals under this scheme must be repaid within a period not more than 15 years. Every year, the beneficiary must repay an amount until the HSP balance comes to zero. If the amount due for a year is unpaid, then it will have to be included in the income for that year.

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