withdraw rrsp money to pay off debt?

[Patient zer0]

I was pondering the idea of withdrawing a few thousand bucks from my rrsp savings to pay off a loan I have. The loan has a deduction of 750 a month paid bi weekly. I know I will take a penalty to withdraw but this also frees up 750 a month and will allow me to pay off any other debts and will eventually have everything paid off and will be able to pay back full and then some of what I deducted and use it on a down payment of a home in early 2010

[~Katja~]

so what is your question?

[instrument]

I was thinking about hitting the guide button and seeing if there's anything on besides blown away while I'm waiting for these tiffs to convert to pdf's

[SatCam]

As long as the penalty for withdrawing early on the savings is less than the penalty for missing a loan payment..........go for it..............

[Patient zer0]

Well I just found out it has a penalty of 25% plus you have to claim it as income on the next years income. No thanks.

Ill just stay the course and keep paying off my foolish spending.

Man is hind sight really 20/20

[furie]

rrsp?

[hunnerbun]

Registered retirement savings plan, I think this must be like a 401K or something.