about RRSP?

[forfun]

Does anybody know if I can get my RRSP withdraw at any time if I don't lock my investment? Any penalty except tax if yes?
Thanks.

 

[maybe]

Since your deducted your RRSP contribution is the past, any time you withdraw, you have to pay the tax which has been deucted. Only execption is you can get out $20k max as the first time home buyer, but you need to put it back within 15 years, or pay the tax.

 

[forfun]

最初由 maybe 发布
Since your deducted your RRSP contribution is the past, any time you withdraw, you have to pay the tax which has been deucted. Only execption is you can get out $20k max as the first time home buyer, but you need to put it back within 15 years, or pay the tax.

Thanks,
You mean no penalty and I can withdraw money at anytime for any purpose as long as I pay the tax?

 

[KuCaiHua]

The money you withdrawed is taxed on current year income.
The penalty is: you lost your RRSP room.

 

[forfun]

最初由 KuCaiHua 发布
The money you withdrawed is taxed on current year income.
The penalty is: you lost your RRSP room.

I see, thanks.

 

[zyx]

最初由 forfun 发布

I see, thanks.

and you have to pay some $50 for the bank like TD .