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More Withdraw from RRSPs

Almost four out of every 10 Canadians admit they’ve withdrawn money out of their RRSP early and almost a fifth of them don’t ever expect to replenish what they’ve taken out, says a BMO survey. In a similar poll last year, 34 per cent of respondents said they were tapping their RRSPs early. Of those polled who take funds out of their RRSP early, 30 per cent did so to buy a house. Under Ottawa’s ‘Home Buyer’s Plan,’ RRSP-holders can withdraw up to $25,000 from their RRSP if they’re going to use the money for a down payment. However, more than a fifth of those who have withdrawn money early said they did so to pay living expenses and 18 per cent reported they did it to pay down debt.

Courtesy of Benefits and Pensions Monitor website News Alerts 



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