CPP question

[trent]

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.

[Steven]

Thanks for the help Trent.
I'll talk to my accountant later today, just to confirm what you said.

[Canadian]

You can withdraw from your RRSP accounts anytime, however you'll be taking serious tax hit if you do that, because everything is added to your personal income for the year.

[ggonzo]

Hi canfra,
How is in France, do you feel the economic crises that hit US and Canada?