Withdrawal from RRSPs - Metro US

Withdrawal from RRSPs

A. I purchased a home this month but the closing will be on Feb. 28, 2010. I may need to use funds from my Registered Retirement Sav­ings Plan (RRSP). Can I defer the tax withdrawals to 2010 tax filing, as being drawn in the first 60 days in 2010? — Desi

Q. Your RRSP withdrawal in February 2010 must be reported in the year of withdrawal.
Unlike, contributions in the first 60 days of the following year which can be claimed in the prior year or the year of contribution.

– Henry Choo Chong, CGA, can be reached at choochonghcga@yahoo.ca.

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