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Should I withdraw from my RRIF to pay off debt?



Our response:

We are not able to provide financial, tax or legal advice however, we try to provide general information to help you take the next step.

There are two key decisions you must make with a RRIF, how much money to withdraw from your RRIF and when. While there is a minimum amount you must take out each year, there is no maximum amount. All withdrawals are fully taxable.

Consider comparing loan costs with tax or other financial implications resulting from a withdrawal before proceeding. Visit the resources available on to build your knowledge including, the managing debt and the RRIF hubs. Speak with a registered financial representative for personalized advice that fit with your financial goals.

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