Under specific circumstances, you can withdraw funds from your RRSP and your RRSP issuer will not withhold tax.

When you withdraw funds from your RRSPs under either of these plans, do not include them as income on your income tax and benefit return.

For more information, see The Home Buyers' Plan or Lifelong Learning Plan.

Your RRSP deduction may be affected by HBP or LLP participation

If you participate in one of these plans, certain rules limit your RRSP deduction for contributions you made to your RRSP during the 89-day period just before your withdrawal under these plans. Under these rules, you may not be able to deduct all or part of the contributions made during this period for any year.

You cannot deduct the amount by which the total of your contributions to an RRSP, during the 89-day period just before your withdrawal from that RRSP, is more than the fair market value of that RRSP after the withdrawal. The same rules apply if you contributed to your spouse's or common-law partner's RRSP during the 89-day period just before that individual made the withdrawal from the same RRSP under these plans.

In other words: for contributions to be fully deductible that are made to an RRSP in the 89-day period just before an HBP or LLP withdrawal from that RRSP, the value of that RRSP after the withdrawal must be at least equal to those contributions.

Forms and publications

• Guide T4040, RRSPs and Other Registered Plans for Retirement
• Guide RC4112, Lifelong Learning Plan (LLP)