How do I close my Common Wealth account?

Your Common Wealth plan is yours to keep, even if you leave your employer. You can continue contributing through your bank account or pause contributions and leave your funds as they are. But if you’re ready to close your account and withdraw your funds—no hard feelings! We’re here to help. Follow the instructions outlined in this article to learn more about how to close your Common Wealth account.

Step 1: Stop Your Contributions

Before closing your account, make sure all active contributions are canceled, including payroll deductions and bank account contributions.

Cancel Payroll Contributions:

1. Log into your account on a desktop computer.
2. In the "Plan" section, click "View and edit contributions" under your current contribution amount.
3. Click "Cancel" next to "From your paycheque."
4. Confirm the cancellation.

Cancel Bank Account Contributions:

1. Log into your account on a desktop. This can only be cancelled on a computer.
2. In the "Plan" section, click "View and edit contributions" under your current contribution amount.
3. Click "Cancel" next to "From your bank account."
4. Confirm the cancellation.

Step 2. Withdraw or Transfer Out Your Funds

Once contributions into your plan have been stopped, you can transfer your funds out to another institution or withdraw them.

1. For instructions on how to transfer out your RRSP/TFSA/RRIF to another institution, see this Help Centre article.
2. For instructions on how to withdraw funds from your RRSP, see this Help Centre article.
3. For instructions on how to withdraw funds from your TFSA, see this Help Centre article.

Step 3: After Your Account Is Empty

Once your account balance reaches $0, plan fees will stop. However, your login access will remain so you can retrieve tax documents if needed.