How to withdraw money out of RRSP more tax efficiently

We always get bombarded with reminders from commercials to put money into our RRSPs. But what about taking money out without much taxation?

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If you’re not sure whether or not you have to make a repayment in a given year, you can work through the following questions to figure it out:

1. Is this the year of your first LLP withdrawal? If you answered YES then no repayment is required. If you answered NO then go to question 2.
2. Is this the fifth year after your first LLP withdrawal? If you answered YES then you must start repaying this year. If you answered NO then go to question 3.
3. Are you entitled to claim the education tax credit as a FT student for at least 3 months this year? If you answered YES then no repayment is required. If you answered NO then go to question 4.
4. Were you entitled to claim the education tax credit last year as a FT student for at least 3 months? If you answered YES then no repayment is required this year. If you answered NO then you must start repaying this year.
You can also check your LLP Statement of Account with your Notice of Assessment, which will tell you what your LLP balance is and the minimum amount you have to contribute to your RRSP and designate as a repayment for the following year.

efficiently