Can I borrow from my RRSP?

Jump to Page:
< Previous [ 1 ] Next >

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You can withdraw money from RRSP without tax implication (subject to repayment of the withdrawn amount as per guidelines) for the purpose of buying your first home ( Home Buyer Plan) and for studies ( Lifelong learning plan).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

Jump to Page: < Previous [ 1 ] Next >

Show Printable version

Send this page to a friend

Add to favorites

Discussions similar to: Can I borrow from my RRSP?
	Topic	Forum	Views	Replies
	RRSP ( 1 2 )	Accounting and Taxation	2187	7
	A RRSP question ( 1 2 )	Financial Planning	4235	13
	Loan OR Line of credit	General	1432	2
	some question related to RESP and RRSP	Financial Planning	3460	2
	Can I borrow on my RRSP?	Financial Planning	2032	2
	Borrowing to Invest ( 1 2 3 4 )	Financial Planning	8262	25
	spouser RRSP verses Own RRSP	Financial Planning	2158	3
	RBC raises mortgage rates	Real Estate & Mortgages	1673	0
	Smith Manoeuvre	Real Estate & Mortgages	2079	6
	RRSP Mortgages ( 1 2 )	Real Estate & Mortgages	3147	9
	How to claim more on Income Tax returns ( 1 2 )	Accounting and Taxation	3717	10
	Details about RRSP & Comparison with 401K plan	Accounting and Taxation	1739	1
	Maximise RRSP contribution??? ( 1 2 )	Financial Planning	2763	8
	Investing RRSP in Indian stocks	Business	2412	1
	Can I borrow from my RRSP?	Financial Planning	1936	1
	tax return 2008 & RRSP ( 1 2 3 )	Accounting and Taxation	5634	20
	Unused RRSP ( 1 2 )	General	3868	7
	Mortgage Paydown Vs RRSP ( 1 2 3 ... Last )	Financial Planning	9364	39
	1st Time Home Buyer, RRSP and how to determine a good area?	Real Estate & Mortgages	2178	6
	Basic questions (First time home buyer)	Real Estate & Mortgages	1537	3
	RRSP and FTHB	Real Estate & Mortgages	2262	3
	Investing in property in India ( 1 2 )	Financial Planning	5927	12
	Spousal RRSP and HBP	Accounting and Taxation	1909	3
	RRSP vs. TFSA: Which one will give optimum benefits and right for you?	Accounting and Taxation	1519	4
	Second Mortgage Investment	Real Estate & Mortgages	2095	4

Charcha

Can I borrow from my RRSP?

Discussions similar to: Can I borrow from my RRSP?