Thread: CPP question
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Old 11-28-2008, 03:58 PM
trent trent is offline
Senior Member
Join Date: Jun 2008
Posts: 387

Whatever you withdraw from RRSP, is just added to your personal income for the year and you will have to pay personal income tax on it as with any other personal income. I don't think there are any penalties (confirm this with your accountant), however when you withdraw from RRSP certain certain percentage of that money goes directly to tax, and then when you file your tax return for the year you make adjustments according to what has been already paid.
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