RRSP HBP Question
Long story short.
Father is looking to use $25,000 from his RRSP as a down payment on a house. Once the $25,000 is used, his RRSP balance will be 0. He needs to put in $1,667 every year for 15 years to cover the $25,000 withdrawal. Say in year 1 after withdrawing the 25k, he pays back the $1,667. Can he withdraw that $1,667 later that same year, or a different year, as anyone would to use for everyday consumption from his RRSP? Or does he have to pay back the whole $25,000 before he can withdraw any money from his RRSP?
Been looking for this all day online and can't find specific info on this, TIA My dad thanks you!
Father is looking to use $25,000 from his RRSP as a down payment on a house. Once the $25,000 is used, his RRSP balance will be 0. He needs to put in $1,667 every year for 15 years to cover the $25,000 withdrawal. Say in year 1 after withdrawing the 25k, he pays back the $1,667. Can he withdraw that $1,667 later that same year, or a different year, as anyone would to use for everyday consumption from his RRSP? Or does he have to pay back the whole $25,000 before he can withdraw any money from his RRSP?
Been looking for this all day online and can't find specific info on this, TIA My dad thanks you!