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mr_chin 04-19-2014 02:52 PM
Withdrawing RRSP
 
Need some expert advice.

Is it possible to withdraw RRSP using LLP but not using the money for business or education?

Any workaround to withdraw RRSP without paying withholding tax?

kluk 04-19-2014 04:18 PM
Whenever you try to withdraw RRSP via LLP route, you will need to prove that you are enrolled for additional schooling (school schedule, tuition receipt etc) otherwise the bank will tell you to do that first. Same for HBP (you will have to prove that you are buying a house via firm purchase agreement etc). How else would they know you are actually using the money for that purpose?

The ONLY ways you can withdraw RRSP and not pay a penalty is if:
1) HBP
2) LLP
3) Severe financial hardship (bankruptcy)
4) I'm assuming this is not a spousal plan? If it is then a marital breakdown would also work.

mr_chin 04-20-2014 02:30 AM
Quote:
Originally Posted by kluk (Post 8458348)
Whenever you try to withdraw RRSP via LLP route, you will need to prove that you are enrolled for additional schooling (school schedule, tuition receipt etc) otherwise the bank will tell you to do that first. Same for HBP (you will have to prove that you are buying a house via firm purchase agreement etc). How else would they know you are actually using the money for that purpose?

The ONLY ways you can withdraw RRSP and not pay a penalty is if:
1) HBP
2) LLP
3) Severe financial hardship (bankruptcy)
4) I'm assuming this is not a spousal plan? If it is then a marital breakdown would also work.
Thank you very much.

4444 04-20-2014 12:34 PM
Quote:
Originally Posted by mr_chin (Post 8458308)
Need some expert advice.

Is it possible to withdraw RRSP using LLP but not using the money for business or education?

Any workaround to withdraw RRSP without paying withholding tax?
Don't be a rat, u got the benefit when u put the money in the rrsp, play by the rules, don't be a slime ball and try to double dip.

nabs 04-20-2014 01:28 PM
I've done it, and no way of getting around the tax.


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