Can I withdraw money from my RRSP / RRIF to pay off bills?
Yes, you can withdraw funds from your RRSP to pay bills however, be aware all withdrawals are subject to tax.
These previous questions may provide insight to help you take the next step.
- “I need to withdraw from my RRSP to cover an emergency. If I withdraw now and fully repay by next year, what is the tax effect?”
- “I want to withdraw the total amount in my RRIF. What do I need to know about tax?”
- “How much can I withdraw from my RRSPs without paying withholding tax?”
Learn more about RRSPs, RRIFs and other related topics on GetSmarterAboutMoney.ca. Speak with a registered financial representative for personalized advice.