Published: March 20, 2020
Last Updated: April 13, 2020
Repayable income tax-free RRSP withdrawals can now finance full-time training or education for a taxpayer or spouse. Students in full-time training or post-secondary education or their spouses may withdraw up to $10,000 per year from their RRSPs over a four-year period, as long as the total amount does not exceed $20,000. The amount withdrawn from the RRSP must be repaid in equal instalments over 10 years or it will be included in income for Canadian income tax purposes.
Disclaimer:
"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."
About the Author
