Seniors and students

If you withdraw your RRSP, you're free to do with the funds as you wish of course. As you know, early withdrawals are subject to tax penalties.

By re-contributing to another RRSP with your funds, you can pay off the HBP early. Here's a link for more details: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-hom...

My best advice is to get in touch with your RRSP provider for guidance on when is the best time to do the transaction.


View solution in original post