Q

At what age can I withdraw from my RRSP?

A

Pretty much as soon as you retire. But you must convert your RRSP to an RRIF by Dec. 21 of your 71st year.

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.

Open or transfer an RRSP to Wealthsimple and benefit from state-of-the-art technology, low fees and a personalized service — get started now.

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.

When it comes to this plug, we’re as biased as they come. We are of the opinion that Wealthsimple is the absolute best home for your RRSP. We offer state-of-the-art technology, low fees and the kind of personalized, friendly service you might have not thought imaginable from an automated investing service. Start investing in Wealthsimple RRSP today.

Wealthsimple is investing on autopilot

In just 5 minutes we'll build a low-cost portfolio that's optimized for your financial goals.

Learn more