Canadians willing to take money from their RSP
A recent Scotiabank poll found that more Canadians are willing to take money from their RSP to pay off other expenses than in past years. However, the top reason cited for withdrawing the money from an RSP was to buy a first home (40 per cent).
That said, taking money out of RSPs has been on the rise, with one-third of RSP holders (36 per cent) reporting taking money out of their RSP this year, up from 23 per cent back in 2005.
Additional findings on Canadian habits pertaining to their RSPs include in 2012, the average amount Canadians withdrew from their RSP was $24,531.
In 2005, the average amount Canadians withdrew from their RSP was $10,716.
Fourteen per cent of Canadians took money out of their RSPs to cover day-to-day living expenses, and six per cent took money out to pay for a vacation.