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 The amount withdrawn from the RRSP must be repaid in equal instalments over 10 years or it will be included in income for Canadian income tax purposes.
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