Taking out RRSP for building a laneway house
Hey, I contribute to my RRSP's and have about 40 grand in there right now. However, I am short cash for building a laneway in Vancouver. I think if I take them all out, the government would take at least 25%, that would leave me with roughly $30 grand to place into the laneway.
Should I take "chunks" out/year? Or the whole thing? Would this affect my future savings if I wanted to retire 30 years from now or so? Would that be a good idea? Or should I borrow from bank? Anyone have any better ideas? I would appreciate the help... Thank you!
Should I take "chunks" out/year? Or the whole thing? Would this affect my future savings if I wanted to retire 30 years from now or so? Would that be a good idea? Or should I borrow from bank? Anyone have any better ideas? I would appreciate the help... Thank you!
Thank you RFD community for helping me with spending money!