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Subject to the terms of the investment you choose, you can withdraw part or all of your RRSP money. It will be subject to income taxation in the year of withdrawal, and you will not have any more potential for ongoing tax deferral on that amount. When you withdraw funds from your RRSP, the institution will withhold a prescribed amount as an installment of your income taxes. There is no taxation if you are directly transferring funds from one RRSP plan to another. Note: New rules allow Canadians with a registered retirement income fund (RRIF) to transfer money back into an RRSP since we can now contribute to RRSPs up to age 71 (vs. age 69 previously).
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