RRSP cash out
November 25th, 2007 by Questions
I lost my Job an year ago and am in finacial trouble. As I have not been able to find job that pays the same.How much percent do I loose if I cash my RRSP. Is there any way to get help from government so you dont get penalized. So I can pay depts so I dont have to go Bankrupt.
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November 26, 2007 at 9:34 am, Barton Goth GCO Bankruptcy Trustees said:
In terms of the level of tax that must be remitted for the withdrawal of RRSP’s, as this is based on the existing tax rates you are subject to this will depend on the amount of money withdrawn and the level of income you have that year.
In terms of other government programs, their are things like employment insurance, but without something more unusual than unemployement there are not a lot of other programs to aid with repayment of debt.