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Make an RRSP Withdrawal

You can withdraw funds from your RRSP before it starts to pay you a retirement income. Funds withdrawn from an RRSP will be charged withholding taxes. This amount must be held back by Outlook Financial and remitted to the government on your behalf. 

If your spouse or common-law partner contributed to your RRSP, see the Government of Canada webpage, Withdrawing from spousal or common-law partner RRSPs.

To withdraw funds from a RRSP Savings Account or RRSP Fixed GIC

Important Notes:

  • Fixed GICs are not eligible for early redemption and must remain invested until the expiry of the selected term.
  • Your withdrawal request will be completed within 1 business day of receipt. Log in to online banking to verify your withdrawal.

To withdraw funds from a RRSP Cashable GIC

  • Contact an Outlook Financial Representative at 1.877.958.7333.

Important Notes:

  • Withdrawals from Cashable GICs (in whole or in part) made prior to the maturity date will earn the early-withdrawal interest rate (1%) on the funds withdrawn, calculated back to the date of deposit. The remainder of the GIC will continue to earn its regular rate of interest.
  • Partial withdrawals are subject to a $1000 minimum withdrawal amount and a minimum remaining balance of $1000.
  • Your request will be completed within 1 business day. Log in to online banking to verify your withdrawal.

To request a withdrawal due to any of the reasons listed below, please contact an Outlook Financial Representative at 1.877.958.7333.

  • Refund of excess contributions
  • Marriage/relationship breakdown
  • RRSP annuitant deceased

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Rates effective
Apr 28, 2021

  • 1.10% Savings
  • 1.15% 1 Year Term
  • 1.70% 5 Year Term
View all rates