Paying Back the Funds:
The funds withdrawn from the RRSP need to be paid back into the RRSP on an annual basis. No repayments are required in the year of RRSP withdrawal and the following calendar year.
The funds are to be paid back over a period of 15 years at the rate of 1/15th per year. Any missed annual payment is included in the taxable income for that year and cannot be paid back into the RRSP.
Prepayments can be done anytime and are not subject to any penalty.
Additional repayment rules apply if the person paying back the RRSP withdrawal happens to become a non-resident, attains the age of 70 or dies.
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