Posted by & filed under Personal Tax, Tax Planning.

Description: When faced with a financial challenge or a big purchase, Canadians might look longingly towards the funds they have stored away in their RRSPs. But dipping into the RRSP probably should be a last resort. One exception might betaking advantage of the federal home buyers program to make a tax free withdrawal of up to $25,000 for a first home purchase.

Source: Globeandmail.com

Date: February 11, 2016

Link: http://www.theglobeandmail.com/globe-investor/retirement/retire-taxes-and-portfolios/the-perils-of-using-your-rrsp-like-an-abm/article28700447/

Discussion Points:

1) Would you consider withdrawing from your RRSP to make a home purchase?

2) What advice would you give to someone who was considering using the RRSP as an emergency fund?

3) What are the mainĀ  impacts of withdrawing from your RRSP?

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