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Make an RRSP withdrawal

You've planned for your future by putting money away in an RRSP. But sometimes the unexpected can create a bump in the road of even the best plans. If you are thinking of withdrawing funds from your RRSP – other than through the Home Buyers Plan or the Lifelong Learning Plan – there are a few things you should consider, such as tax implications, loss of potential growth of your RRSP, and loss of contribution room.

Our Outlook Financial Representatives can provide information and options to help you decide whether withdrawing from your RRSP is the best option for you. And if you do decide to withdraw from your RRSP, we will help you with your request so that you have access to your funds as soon as possible.

To withdraw from your RRSP:

  1. Contact us at 1.877.958.7333
  2. Our representative will discuss your options and send you the appropriate forms.
  3. Mail your completed forms to us at

      Outlook Financial
      Box 2, Station Main
      Winnipeg MB R3C 2G1
     
  4. Your RRSP withdrawal will be deposited into your High-Interest Savings Account.

Your withdrawal request will be completed within 1 business day of receipt. Log in to Online Banking to verify your withdrawal.

Home Buyer's Plan and Lifelong Learning Plan

RRSPs are a great way to save for a home or for education with the Government of Canada's Home Buyer's Plan and Lifelong Learning Plan.

The Home Buyer's Plan allows qualifying participants to withdraw money from their RRSP to buy or build a home without being taxed on the withdrawal. Participants then pay back the money into their RRSP over a specified period of time.

The Lifelong Learning Plan allows qualifying participants to withdraw money from their RRSP to put towards their education or that of their spouse or common-law partner. Participants then pay back the money into their RRSP over a specified period of time.

To apply for a withdrawal through the Home Buyer’s Plan or Life Long Learning Plan:

  1. For more information, eligibility rules, and application forms, visit the Government of Canada's website page, RRSPs and Related Plans.
  2. Follow the instructions on the form.
  3. Once the request is approved, we will deposit your funds into your High-Interest Savings Account.

 

Rates effective
Apr 4, 2014

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  • 1.80% Savings Accounts
  • 2.15% 1 Year Cashable GIC
  • 2.80% 5 Year Cashable GIC
View all rates