Member Services

Manage my Investments

Withdrawing money from your RRSP

Are you buying a home? Need some cash for an emergency? Want to take some courses? You can make withdrawals from your RRSP to help you out, but you need to know how it works.

Withdraw a cash amount from your Registered Retirement Savings Plan (RRSP)

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 Funds withdrawn from an RRSP will be charged withholding taxes.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 the plan administrator and remitted to the government on your behalf.

If your spouse or common-law partner contributed to your RRSP, see Withdrawing from spousal or common-law partner RRSPs.

If you would like to request an RRSP withdrawal from your RRSP Savings Account or Cashable RRSP GIC(s), you must complete the Registered Retirement Savings Plan Withdrawal form.

Steps:

Outlook Financial
Box 2, Station Main
Winnipeg MB R3C 2G1

Withdraw funds for the Home Buyers Plan (HBP)

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.

To request an RRSP withdrawal to buy or build a qualifying home, you must:

Outlook Financial
Box 2, Station Main
Winnipeg MB R3C 2G1

For more information, eligibility rules, and application forms, visit the Government of Canada's website page, Home Buyers' Plan (HBP).

Withdraw funds for a Lifelong Learning Plan (LLP)

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 request an RRSP withdrawal to put towards your education or that of a spouse or common-law partner, you must:

Outlook Financial
Box 2, Station Main
Winnipeg MB R3C 2G1

For more information, eligibility rules, and application forms, visit the Government of Canada's website page, Lifelong Learning Plan (LLP).

Important Notes:

  • You can access funds from your Cashable GICs (in whole or in part) any time prior to the maturity date subject to the early-withdrawal interest rate, a $1000 minimum withdrawal amount and a minimum remaining balance of $1000.
  • Your withdrawal request will be completed within 1 business day of receipt. Log in to online banking to verify your withdrawal.
  • If you provided an email address on your Registered Retirement Savings Plan Withdrawal form, you will receive an email confirmation once we have completed your request.
  • To request a withdrawal due to any of the reasons listed below, please contact an Outlook Financial Representative for assistance.
  •         Refund of excess contributions
  •         Marriage/relationship breakdown
  •         RRSP annuitant deceased
  • If you use Google Chrome you will need to disable the built-in default Google Chrome PDF viewer prior to downloading the form. For assistance with disabling the Chrome PDF Viewer please contact an Outlook Financial Representative.

 

New to Outlook?
Become a member.

Apply Now

Rates effective
Jul 27, 2015

RSS Feed
  • 1.70% Savings Accounts
  • 2.00% 1 Year Cashable GIC
  • 2.50% 5 Year Cashable GIC
View all rates