As main income
You can withdraw your RRSP at any time. They are
then added to your income.
However, plan how you withdraw your RRSP.
Financial institutions must follow certain rules of withholding and
send it as income tax to the government in anticipation of having to
pay those in your next income tax statement.
Up to $ 5,000 they must withhold 25%;
$ 5,000 to $ 15,000: 33%;
More than $ 15,000: 38%.
If you really need the money plan smaller
withdrawal regularly. You will receive more in the short term.
However, when your tax return next year, your withdrawals will be
added to your total income. If your tax rate exceeds 25% you will
need these taxes regardless of how you withdrew them. You will be
reimbursed if too much have been retained.
