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Can I withdraw money from my RSP?

Although an RSP is more effective as a long-term investment, you may withdraw all or part of it at any time.* RSP withdrawals are subject to tax and the terms of the investment you choose. But the important part is that your money is available if you need it. Withholding taxes apply on funds withdrawn from an RSP except when funds are transferred from one RSP to another, or when funds are transferred to a retirement income option such as a Retirement Income Fund (RIF).

* Please note that withdrawal restrictions apply to locked-in RSP plans.

 

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