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Go Back   Canadian Financial Forums > Canadian Financial Forums > Retirement, RRSP & CPP

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  #1  
Old 06-12-2008, 06:12 PM
sunshine sunshine is offline
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Default RRSP - can I close it?

Are you allowed to close RRSP account before retirement?
Can you close it and take out the money? Do you have to pay taxes and are there any penalties associated with it?
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  #2  
Old 06-12-2008, 08:41 PM
Canadian Canadian is offline
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I'm not sure if that's possible, and it's better to ask your accountant questions liek that.
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  #3  
Old 06-13-2008, 02:37 PM
BankAdmin BankAdmin is offline
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You can withdraw part or all of your RRSP whenever you want, as long as your investments are liquid at the time you want to withdraw them. However the funds you get out from your RRSP will be taxed as a personal income for the year.


There are some special cases in which you can borrow money from your RRSP for certain period of time. I believe you can withdraw up to $20,000 over 4 years, for the purpose of financing higher education longer than 3 months (don't take my word for it, do your own research). Then you'll have to pay back the borrowed funds within 10 years. Another way to borrow from your RRSP is if you are a first-time home buyer and you need funds for house downpayment. In this case you can borrow up to $20,000, which has to be repaid over the next 15 years.
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Old 12-09-2009, 10:07 AM
Lumber Joe Lumber Joe is offline
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Sure you can
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