Can you close RRSP account?

Canadian Mutual Funds Discussion
sunshine
Posts: 23
Joined: Tue Jun 03, 2008 5:55 pm

Can you close RRSP account?

Postby sunshine » Tue Jun 03, 2008 6:01 pm

Hi, I was wondering if you have RRSP account can you close it and take out the money ?

spencer
Posts: 37
Joined: Thu May 29, 2008 8:46 pm

Re: Can you close RRSP account?

Postby spencer » Tue Jun 03, 2008 6:30 pm

Yes you can, but you'll have to pay taxes on all the money in the RRSP account, which were tax sheltered in the account. Also once you withdraw the money from an RRSP account, the money you withdraw are not carried over to your future RRSP allowance. All I'm saying is that usually it's not a good idea to withdraw your RRSP savings.

ms.piggy
Posts: 15
Joined: Wed Jun 04, 2008 2:02 pm

Re: Can you close RRSP account?

Postby ms.piggy » Wed Jun 04, 2008 2:20 pm

At least you have an RRSP. There are so many people who don't have any savings and are in debt... Consider yourself lucky!


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