I'm planning on retiring at the end of this year. I will be receiving a company pension and also plan to start collecting CPP. I have no mortgage and own my home. Unfortunately, I have a significantly large balance on my home line of credit, about $320,000. I want to pay it off, but the only funds available are in my RSP accounts. What is the best way to withdraw these funds from my RSP accounts to pay off this debt and mitigate a large tax liability? Noah G.
A defined contribution pension is relatively easy to transfer the whole amount to a LIRA however a defined benefit pension plan is different. If you have any doubts that your employer might not be able to sustain their pensions, then that would be a reason to cash out early.
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