Can I withdraw money from my TFSA, RRSP or DPSP?

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.

If your plan includes a DPSP, you can withdraw funds that have been transferred in from another DPSP account. For the portion of your DPSP that your employer is actively contributing to, you can’t make withdrawals while you’re working for that employer, even if the funds are not vested or restricted.

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 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 support@commonwealthretirement.com

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. To expedite your request, please have the receiving institution email your documentation to support@commonwealthretirement.com