At what age can I withdraw from my RRSP?

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Andrew Goldman

Andrew Goldman has been writing for over 20 years and investing for the past 10 years. He currently writes about personal finance and investing for Wealthsimple. Andrew's past work has been published in The New York Times Magazine, Bloomberg Businessweek, New York Magazine and Wired. Television appearances include NBC's Today show as well as Fox News. Andrew holds a Bachelor of Arts (English) from the University of Texas. He and his wife Robin live in Westport, Connecticut with their two boys and a Bedlington terrier. In his spare time, he hosts “The Originals" podcast.

The simple answer you're probably looking for? You’re not required to begin withdrawing from your RRSP until the year you turn 72, although you are required to cease contributions to your RRSP and convert the account into cash, a Registered Retirement Income Fund or an annuity by December 31 of the year you turn 71.

The more nuanced answer: you can always withdraw money from your RRSP before retirement, but be prepared to be assessed substantial taxes on early withdrawals. There are two cases that the CRA has deemed cool to withdraw RRSP funds without penalty: if you are a first time homebuyer, if you plan to buy a home for a disabled relative, or if you want to use the funds to go back to school.

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Last Updated January 29, 2018

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