If you are a PSW Savings Bonus Program member: bonus funds are subject to a 2-year waiting period from the date of your acceptance into the program and cannot be withdrawn during this time. Your personal contributions (money you deposited from your own bank account) can be withdrawn at any time. The steps below apply to all withdrawals of personal contributions, and to bonus fund withdrawals once the 2-year restriction period has passed.
How to make a withdrawal
On the member dashboard, click on the Profile drop-down menu with your name in the top-right corner and scroll down to "Withdrawals". Select whether you'd like to withdraw from your RRSP or TFSA.
Withdrawal fees: $35 + tax for a partial withdrawal, or $75 + tax for a full withdrawal.
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
214 King Street West, Suite 314
Toronto, ON M5H 3S6
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
214 King Street West, Suite 314
Toronto, ON M5H 3S6
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 with your name in the top-right corner of the member dashboard.