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Can a son or daughter transfer funds from their RRSP to their parent’s RRSP to help pay off debt?



Our response:

You can’t transfer money from your Registered Retirement Savings Plan (RRSP) to the RRSP of someone else. Withdrawals can be made from an RRSP, but you sure be aware that if you withdraw money from your RRSP before you retire, your withdrawal will be immediately subject to a withholding tax and the amount withdrawn is also considered taxable income for the year.

Visit to learn about RRSP withdrawals and managing debt. Speak with registered financial representative or tax professional for advice to fit your personal situation.

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