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| *The Commerce Journal>>>Canada Taxes |
RRSPs...how much do u get fined if you take money out of them? |
RRSPs...how much do u get fined if you take money out of them? You don't get fined, but tax will be witheld from the amount withdrawn as follows: up to $5,000 - 10% $5,001 to $15,000 - 20% more than $15,000 - 30% The amount withdrawn is added to your taxable income for that year, so you may have to pay additional tax when you file your return if the amount witheld does not cover the taxes. There is a special provision for withdrawals towards purchase of your first home, or towards post secondary education. These withdrawals will be tax free as long as you replace at least 1/15 of the amount withdrawn each year for 15 years. If these replacements are not made then the required repayment becomes taxable income. Source(s): professional accountant you don't get fined if you take money out. in fact, the opposit is true... you will get fined if you put too much money into it. go ask your banker.... you don't get fined... if you take it out to buy a house or go to back to school, you will have 15 years (or so) to pay it back with not penalty....if you take it out for any other reason, you will just pay the government tax on it that u didn't pay when you first put it in a RRSP. worked at a bank |
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