Can I withdraw money from my TFSA/RRSP?
You can withdraw money from your TFSA or RRSP, either in part or in full.
It’s important to remember that withdrawing from RRSPs before retirement can result in negative tax implications, while withdrawing from a TFSA before retirement does not. There is a transaction fee to complete a withdrawal.
How to make a withdrawal
On the member dashboard, click on the Profile drop-down menu in the top-right corner and scroll down to "Withdrawals". Select whether you'd like to withdraw from your RRSP or TFSA.
If you are transferring your funds to an RRSP or TFSA in another institution, please fill out a T2033 form. Alternatively, you may request a “Transfer-in” through your importing plan and in turn they will contact us with your transfer authorization.
If you are withdrawing from your RRSP to go back to school, or for a down payment for a first-time home purchase, please fill out forms T1036 (Home Buyers' Plan), or RC906 (Lifelong Learning Plan) to withdraw without receiving penalties.
Please send your forms to:
c/o Common Wealth Pension Services
2130-77 King Street West, PO Box 74
Toronto, ON M5K 1E7