Can I borrow from my RRSP?

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desi in ottawa
Member since: May 04

Posts: 1627
Location:
Post ID: #PID

Posted on: 14-11-07 08:10:49

Is the borrowing limited only to mortgage? Can I take the money out for other purposes and pay back slowly?

DIO

Pramod Chopra
Member since: Sep 03

Posts: 1284
Location: Pickering, ON
Post ID: #PID

Posted on: 14-11-07 10:40:47

Quote:
Originally posted by desi in ottawa

Is the borrowing limited only to mortgage? Can I take the money out for other purposes and pay back slowly?

DIO

You can withdraw money from RRSP without tax implication (subject to repayment of the withdrawn amount as per guidelines) for the purpose of buying your first home ( Home Buyer Plan) and for studies ( Lifelong learning plan).

Please follow this http://www.cra-arc.gc.ca/tax/individuals/topics/rrsp/withdrawals/menu-e.html
for all information regarding your RRSP.

-----------------------------------------------------------------

Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

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