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:

my65+ plan
c/o Common Wealth Pension Services
2130-77 King Street West, PO Box 74
Toronto, ON M5K 1E7

How to initiate a transfer

If you wish to transfer out your funds to another institution, please initiate this transfer from the receiving institution (the institution you have chosen to move to). They will require you to fill out the necessary documentation and will facilitate the transfer on their end.

Some details you might require are:

Name of institution:
Common Wealth Pension Services Inc.

Address:       
my65+
c/o Common Wealth Pension Services
2130-77 King Street West, PO Box 74
Toronto, ON M5K 1E7
Fax: +1-647-492-8552
Phone: +1 (855) 683-2030
Email: support@commonwealthretirement.com

Your my65+ account #:
This is available upon clicking your profile icon in the top-right corner of the member dashboard