Make an RRSP withdrawal

When to use
For unexpected expenses, cash flow needs, or other reasons outside HBP/LLP. 

Things to know

• Withdrawals are considered taxable income in the year of withdrawal. 
• Withholding tax applies (updated CRA rates for 2025): 
• 10% on amounts up to $5,000 
• 20% on amounts between $5,001–$15,000 
  30% on amounts over $15,000 
• Outlook Financial withholds and remits taxes directly to the CRA. 
• Withdrawn funds cannot be re-contributed, except through new RRSP contribution room in future years.   

How to withdraw
Complete and submit the online Registered Retirement Savings Plan Withdrawal Form. 

 Note: For the following special cases, please contact an Outlook Financial Representative at 1.877.958.7333

• Refund of excess contributions 
• Marriage/relationship breakdown 
• RRSP annuitant deceased 

What it is
The Home Buyers' Plan allows first-time buyers and qualifying participants to withdraw money from their RRSP to buy or build a home without paying tax at the time of withdrawal.

A government program that lets you withdraw up to $60,000 (previously $35,000) from your RRSP to buy or build your first home. 

Things to know:

• Repayment required: You must repay the withdrawal over 15 years. 
• Eligibility: You must be a first-time homebuyer and have a written agreement to buy or build a qualifying home. 
• Tax-free withdrawal: No withholding tax applies if program rules are met. 

To request a RRSP withdrawal via the Home Buyers Plan 

1. Make sure you meet all conditions for HBP. 
2. Complete Form T1036, Home Buyers’ Plan (HBP) Request to Withdraw Funds from an RRSP. 

Note:  For details and eligibility, visit the Government of Canada's website page, Home Buyers' Plan (HBP). 

What it is
The Lifelong Learning Plan allows qualifying participants to withdraw money from their RRSP to finance education or training for themselves or that of their spouse or common-law partner.  

Withdraw up to $20,000 total ($10,000 per year) to fund eligible education. 

Things to know 

• Repayment required: You must repay the withdrawn amount to your RRSP over 10 years. 
• Eligibility: You or your spouse/common-law partner must be enrolled in a qualifying educational program. 
• Tax-free withdrawal: No withholding tax applies if program rules are met. 

To request a RRSP withdrawal via the Lifelong Learners Plan 

1. Make sure you meet all conditions for LLP. 
2. Complete Form RC96, Lifelong Learning Plan (LLP) Request to Withdraw Funds from an RRSP. 

Note: For more information, eligibility rules, and application forms, visit the Government of Canada's website page, Lifelong Learning Plan (LLP).