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You Need a Thneed · 12-26-2020, 01:27 PM

Due to 5 months unemployment, I’ve racked up debt on my line of credit. I plan to withdrawn from RRSP to pay this off. Is there any reason to wait to withdraw until 2021 tax year?

Even though I was unemployed for a good chunk of the year, I did get a sizeable bonus, as well as a severance, and had high percentage tax rates taken off of each.

If I do withdraw now, I can probably recover any over tax deduction in a few months, instead of early 2022.

Anything I should know that could help me make a better decision?

12-26-2020, 01:27 PM	#1
You Need a Thneed Voted for Kodos Join Date: Dec 2007 Exp:	RRSP withdrawal to pay off LOC debt Due to 5 months unemployment, I’ve racked up debt on my line of credit. I plan to withdrawn from RRSP to pay this off. Is there any reason to wait to withdraw until 2021 tax year? Even though I was unemployed for a good chunk of the year, I did get a sizeable bonus, as well as a severance, and had high percentage tax rates taken off of each. If I do withdraw now, I can probably recover any over tax deduction in a few months, instead of early 2022. Anything I should know that could help me make a better decision? __________________ My LinkedIn Profile.