People often want to know if the money in their RSP account is only available to them on retirement. Often, they are young investors who are hoping to tap into their RSP to buy a home or to finance their education. The good news is, there are opportunities to use these savings before retirement if needed. If you’re looking to buying your first home, the Home Buyers' Plan (HBP) in Canada lets you, subject to eligibility and conditions, withdraw up to $35,000 from your RRSP (or $70,000 per couple) to buy or build a qualifying home, which you then have 15 years to repay. If you're looking to finance education for yourself or your spouse, there is the option to use your RSP towards the Lifelong Learning Plan. Just remember that any RSP monies used under these programs must be repaid to your RSP.
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