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Can I withdraw money from my RRSP?

You can make a withdrawal from your RRSP any time (subject to any restrictions on the investments held) as long as your funds are not in a locked-in plan. The withdrawal, however, is subject to withholding tax at the time of the withdrawal and the amount also needs to be included as income when filing your taxes. When a withdrawal is made from your RRSP, you lose the contribution room.

There are situations in which withdrawals can be made from an RRSP tax-deferred. If the funds are used for the purchase of a home for the first time through the Home Buyers' Plan or for funding education through the Lifelong Learning Plan, no withholding tax is paid and the withdrawal will not be considered income, provided the withdrawal is paid back into the RRSP within the applicable timelines

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