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Used rrsp as a down payment on my house. Can I withdraw more from my rrsp (pay tax on it), then use that money to put back into my rrsp to pay off the original amount?
I will be earning very little income in 2017 ($12k). Five years ago I used 25k (tax free) from my rrsp as a down payment on my house. I've been paying $1670/year back into my rrsp ever since. Can I now withdraw $17k more from my rrsp (pay tax on it), then use that money to put back into my rrsp to pay off the original down payment amount I withdrew? What time of year should I do this? I would like to take advantage of the fact I am earning very little income this year (I don't like RRSP accounts anymore, I prefer TFSA's).
Thx
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‎October 30, 2019
5:44 AM