I did some searches online and looks like one would have to pay the gov grant back right away if withdraw early.
One cannot take some $ out and then put the same amount back 3 years later?
I did some searches online and looks like one would have to pay the gov grant back right away if withdraw early.
One cannot take some $ out and then put the same amount back 3 years later?
One cannot simply replace the same amount 3 years later.
Do not do this unless it is absolutely necessary.
You must repay any grant money received on those contributions you are taking out and you lose that grant money forever.
Amount withdrawn also reduces lifetime contribution limit.
These opinions are entirely my own and do not represent any other person or organization.
What's the tax treatment on the gains?
Marginal Tax Rate + 20% Penalty...unless you have room to roll it into your RRSP.This quote is hidden because you are ignoring this member. Show Quote
These opinions are entirely my own and do not represent any other person or organization.
Far better withdrawing from RRSP than resp, although that's still to be avoided.
This quote is hidden because you are ignoring this member. Show Quote
20% penalty? That's outrageous!This quote is hidden because you are ignoring this member. Show Quote
Fair enough, will avoid this idea :-)