You can convert your accumulated RRSP assets into cash, subject to tax. The amount you liquidate will be added to your income for the year when you file your tax return and will be taxed at your marginal tax rate. Final consideration: once you have withdrawn the money from your RRSP and spent it, it will not be there for a "rainy day" in the future nor for your estate.

• All accumulated savings you withdraw will be taxed as income in the year you receive them
• The addition of this cash withdrawal to other income is likely to put you in a higher tax bracket
• Once your assets are taken out of the tax shelter, any interest or investment income they earn would also be added to your taxable income