Answer to Our Most Frequently Asked Questions

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What are my options when I withdraw from my Retirement Savings Plan?

Making withdrawals

Any income you earn in the RRSP is usually exempt from tax for the time the funds remain in the plan. However, you generally have to pay tax when you cash in, make withdrawals, or receive payments from the plan.

If you own locked-in RRSPs, generally you will not be allowed to withdraw funds from them. If you do not know if your RRSPs are locked in, contact your RRSP issuer. If your RRSPs are not locked in, you can withdraw funds at any time.

Note
If you directly transfer funds from one RRSP to another, we consider this to be a transfer of funds, not a withdrawal. See Transferring for details.

Topics for Making withdrawals
Withdrawing from your own RRSPs	Withdrawing from spousal or common-law partner RRSPs
Withdrawing unused contributions	Tax rates on withdrawals
Home Buyers' Plan & Lifelong Learning Plan withdrawals	Typical questions

Glossary

List of definitions related to this topic.

Forms and publications

• RRSPs and Other Registered Plans for Retirement guide (T4040)

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