How to calculate the net value of RRSPs

2021-22 OSAP Application for Full-time Students

The total net value of RRSPs is the current market value (principal and interest) of all RRSP accounts, including the value of any Lifelong Learning Plan withdrawals you have made or plan to make for your study period, less:

• any taxable withdrawals (i.e., withdrawals that are considered income by the Canada Revenue Agency)
• funds (principal and interest) inaccessible under the Canada Pension Act
• the balance owing (at asset valuation date) of any loans taken out specifically to purchase an RRSP
• any financial penalties assigned by the financial institution
• income tax withheld by financial institution

Note:

The Lifelong Learning Program allows individuals to borrow funds from their RRSPs to pay for full-time training or postsecondary education. Under this program you may withdraw a set amount from your RRSPs and repay it within 10 years without tax penalties. For more information, visit your financial institution.