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04-19-2014, 02:52 PM
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#1
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I contribute to threads in the offtopic forum
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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?
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04-19-2014, 04:18 PM
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#2
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RS.net, where our google ads make absolutely no sense!
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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.
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04-20-2014, 02:30 AM
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#3
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I contribute to threads in the offtopic forum
Join Date: Dec 2003
Location: Vancouver
Posts: 2,777
Thanked 1,045 Times in 419 Posts
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Quote:
Originally Posted by kluk
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.
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Thank you very much.
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04-20-2014, 12:34 PM
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#4
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I contribute to threads in the offtopic forum
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Quote:
Originally Posted by mr_chin
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?
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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.
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04-20-2014, 01:28 PM
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#5
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MOD MOD MOD MOD MOD
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I've done it, and no way of getting around the tax.
__________________
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[03-07, 03:26] Yodamaster - The feeling when you quickly insert without hitting the sides
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