Only the individual who is entitled to receive payments from the RRSP (the annuitant) can withdraw funds from an RRSP. You can make withdrawals from more than one RRSP as long as you are the annuitant (plan owner) of each RRSP. Your RRSP issuer will not withhold tax on these amounts.
Generally, you will not be allowed to withdraw funds from a locked-in RRSP.
To participate in the HBP, ONE of the following conditions must apply:
or
In addition, ALL of the following conditions must apply:
You are responsible for making sure that all HBP conditions that apply to your situation are met.
If a condition is not met while you are participating in the plan, your RRSP withdrawal will not be considered eligible. You will have to include the RRSP withdrawal as income on your income tax return for the year you received the funds.
If you do not meet the conditions to participate in the HBP in the current year, you may be able to participate at a later date.
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