"Cancelling" RRSP within frist year
Hello RFDers,
Hoping for some advice on RRSP...
This summer I made my first ever RRSP contribution, planning to take money out for HBP program in the fall. Plans changed and at this point I have no intention of getting HBP within the next couple years, and want to know if it's possible to get money back out of RRSP.
I would like to know what my options and consequences are for taking money out of RRSP now.
If I take it out by the end of the year, logically withdrawal should negate contribution and have zero net effect on taxes, but will my RRSP contribution room decrease by this amount?
Hoping for some advice on RRSP...
This summer I made my first ever RRSP contribution, planning to take money out for HBP program in the fall. Plans changed and at this point I have no intention of getting HBP within the next couple years, and want to know if it's possible to get money back out of RRSP.
I would like to know what my options and consequences are for taking money out of RRSP now.
If I take it out by the end of the year, logically withdrawal should negate contribution and have zero net effect on taxes, but will my RRSP contribution room decrease by this amount?