495 – RRSP Withdrawals Before Retirement - Is it Ever a Good Idea?
Debt Free in 30 · Doug Hoyes
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Show Notes
In this episode of Debt Free in 30, Ted and Doug discuss RRSP early withdrawals. They weigh the pros and cons of tapping into your savings before retirement and discuss tax implications, CPP and exceptions such as the Home Buyer's Program and the Lifelong Learning Plan. This helpful discussion will give you the knowledge to make the right decisions when it comes to withdrawing your RRSP.
Time Stamps:
00:00 - Introduction
00:39 - What is an RRSP?
01:43 - Is there a good time to cash in an RRSP?
2:41 - Withdrawing money from your RRSP
4:38 - TFSA vs RRSP
6:29 - Is there a good time to cash in an RRSP before retirement?
8:23 - If you are buying a home for the first time is it a good idea to take out your RRSP?
10:28 - The lifelong learning plan
12:51 – Should I use my RRSP for living expenses?
15:00 – When should I take my CPP
17:58 – Creditors can't go after RRSP
22:42 – Bankruptcy vs. Consumer Proposal
28:03 – Conclusion
Related Links:
Canadian Retirement Income Calculator https://www.canada.ca/en/services/benefits/publicpensions/cpp/retirement-income-calculator.html
RRSP New Home Buyer's Plan https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html
RRSP Life Long Learning Plan https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/lifelong-learning-plan.html
Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/
RRSP, Registered Savings Accounts and Bankruptcy Laws https://www.hoyes.com/blog/rrsp-bankruptcy-laws-canada/