ARTICLE · 27 FEBRUARY 2018

The Taxletter: Your RRSP As Lender - A Refresher

Minden Gross LLP

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A few years ago I wrote on the ability to borrow from your RRSP, and the response to the article was quite unexpected.

CanadaTax

Samantha Prasad

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A few years ago I wrote on the ability to borrow from your RRSP, and the response to the article was quite unexpected. In fact, in the fifteen + years that I have been writing for The TaxLetter, this is the one article that spurred a lot of emails to me regarding the ability to actually ues your RRSP as a personal credit facility. We all know that withdrawing from your RRSP before it's time results in a punitive tax hit to you; so if there is a legitimate way to access your RRSP funds before you "turn of age", then I guess that will make for a popular topic. And since there have been some small updates to certain strategies since I last wrote on this issue, I thought it might be worthwhile to do a little refresher on the topic, and provide an update on the practicalities of actually borrowing from your RRSP .

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