Withdrawing from RRSPs between jobs
You may be able to get the withholding tax back.
Ages 18+: Teaching your adult child about paying for school
Now’s the time to help pay for their education
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You may be able to get the withholding tax back.
When your income is low, you pay less tax on your RRSP withdrawals, so it can be an excellent time to shovel money out—as long as you trust yourself to put it right into a TFSA and continue saving. You’ll initially be hit with a substantial withholding tax, but if your total income for the year—including your RRSP withdrawal—is less that $10,000, when you file your return the tax is refunded.
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