cliffjw
New Member

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