What You Need to Know
- The Canada RSP is only available to current plan holders.
- If you contribute to your Canada RSP plan through the CSB Payroll Savings Program, you can make changes from early October to 1 November.
- See The Canada RSP Payroll Savings Program Terms and Conditions and Declaration of Trust for more information.
- To purchase a CPB for your existing Canada RSP plan, you can do so by calling Customer Service from early October to 1 December.
Transfer to and from The Canada RSP
Compound Interest CSB or CPB to The Canada RSP
You can transfer all or part of your unmatured compound interest CSBs and/or CPBs into The Canada RSP (minimum of $500, maximum of $500,000 per series).
Please call Customer Service to make arrangements.
Cash Held in RRSPs at Other Financial Institutions to The Canada RSP
Cash transfers to purchase compound interest CPBs are permitted, but only during the sales campaign, from early October to 1 December. Please call Customer Service to initiate the transfer.
Securities from Other Financial Institutions to The Canada RSP
You can transfer securities from other financial institutions. The product that you are holding inside your RRSP at another financial institution will need to be converted to cash in order to purchase a compound interest CPB. This is only permitted during the sales campaign, from early October to 1 December.
Transfer out of The Canada RSP
You can transfer out of a CSB and or CPB from The Canada RSP to another registered plan, usually a Self-Directed Plan, at any time. Please visit your Financial Institution or RSP Administrator to initiate the transfer.
Withdraw from The Canada RSP
You can redeem your CSB and your CPB subject to their terms and conditions and withdraw the amount from The Canada RSP. As with all RRSPs, tax will be withheld from the proceeds and you will have to declare the proceeds as income in the year in which the CSB or the CPB is withdrawn.
Redeem CSB or CPB held in The Canada RSP
The CSB and the CPB can be redeemed subject to their terms and conditions by calling Customer Service, Monday to Friday, 8 a.m. to 6 p.m. (ET):
- 1 800 575-5151
- 1 800 354-2222 (TTY – Teletypewriter only)
Status of The Canada RSP at Age of 71
- You will be advised in writing with a Plan Maturity Notice and asked to provide written instructions. A notice will be sent to you by the Trustee a minimum of 90 days prior to 31 December of the year in which you turn 71 advising you of these upcoming events.
- If you do not provide written instructions to the Trustee and you have a minimum balance in The Canada RSP of $500, they will automatically transfer the investments in The Canada RSP to The Canada RIF to avoid having you pay tax on the total proceeds.
Matured CSBs or CPBs in The Canada RSP
Unless you advise the Trustee in writing, matured bonds will be automatically rolled over and the proceeds reinvested in a similar Government of Canada investment product available at that time. The Trustee will notify you before any investments in your plan mature. As of November 2012, if a registered owner holds a CSB that is set to mature within the Canada RSP plan, the proceeds will be reinvested in CPB series, as per the program changes in 2012.
Statements and Receipts
Statements of account will be issued by the Trustee on a semi-annual basis, as of 30 June and 31 December.
Tax Contribution Receipts
Tax receipts for contributions made from 2 March to 31 December are mailed mid-January. Tax receipts for contributions made during the first 60 days of the year are mailed by mid-March. This includes transfers from the Payroll Savings Plan to your existing Canada RSP.
Services for The Canada RSP Owners
Find out about address and legal name changes, and other services for The Canada RSP owners.