Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

RRSP WITHDRAWAL RULES 📌

15 Sept 2023 · 1 min

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You can withdraw from an RRSP tax-free through two government programs: the Home Buyer's Plan lets you take $35,000 if you repay it over 15 years, and the Lifelong Learning Plan allows $20,000 for education. Any other withdrawal gets taxed as income.

Questions this video answers

About $35,000

15 years

$20,000 total or $10,000 per year (as stated by the speaker)

Chapters

When you put money into an rrsp, you generally have two programs that are restrictions and how you can withdraw that money. And you withdraw it in the form of a loan, again in the form of a home buyer's plan, which is about 35,000 that has to be repaid in 15 years, otherwise it gets included in your taxable income. Or you put it put it into 20,000 or 10,000 per year for a lifelong learning plan. Those are the two limitations that you can get out of the RRSP when you want to withdraw it. So you have very clear information looking at the cost of these withdrawals to you when you are to make it. And you have a lot of limitations in how you can use it without triggering taxable events.