17: TFSA vs. RRSP
Money Feels
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Can You Withdraw From Your RSP?
The only person you're hurting is your future self in retirement. For a lot of people, especially if home ownership is part of your overall retirement plan, like if you do want to eventually eliminate having a mortgage or a rent payment, then it's all in the same vein. If you withdraw from your RSP at any time, it's just taxed as income. What will happen when you're retired is you have to convert your RSP to an RRIF. You're not allowed to have an RSP past age 71. This is much different than the TFSA. You're allowed to have a TFSA your entire life. Once it's converted to an RRif, it actually
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