What You Need to Know
- In the 2017 Federal Budget, the Government of Canada announced its decision to phase out the Canada Savings Bonds Program. Refer to the Questions and Answers to find out what this means to you.
- The bonds in your Canada RSP Plan are safe and guaranteed.
- Effective November 1, 2017, you will no longer have the option to contribute or transfer in new funds into your Canada RSP Plan.
- The matured bonds in your existing Canada RSP Plan will continue to be reinvested into the next bond series and earn interest, but only until either November 1, or December 1, 2021, depending on the maturity date of the bond series you own.
- After the 2021 maturity date, the bonds in your Canada RSP Plan will remain accessible to you, but will no longer earn interest.
- As always, you may transfer the bonds from your Canada RSP Plan to another registered retirement savings vehicle at any time.
- If you have contributed to your Canada RSP Plan through the Payroll Savings Program, you may transfer out your bonds to another retirement investment vehicle at any time.
- See The Canada RSP Terms and Conditions and Declaration of Trust for more information.
Transfers out of The Canada RSP
You can transfer out CSB and CPB bonds of The Canada RSP to another registered retirement savings plan, at any time. Please visit your financial institution or RSP administrator to initiate the transfer.
Withdrawals from The Canada RSP
You can redeem your CSB and CPB bonds subject to their terms and conditions and withdraw the amount from The Canada RSP by calling Customer Service.
As with all RRSPs, tax will be withheld from the proceeds and you will need to declare the proceeds as income for the year in which the CSB or the CPB is withdrawn.
Matured CSBs or CPBs in The Canada RSP
The Trustee will notify you before any investments in your Plan mature. Unless you advise the Trustee in writing, matured bonds will be automatically be reinvested into the next bond series and earn interest, but only until either November or December 2021, depending on the maturity date of the bonds you own. After the 2021 maturity date, your Canada RSP Plan will remain accessible to you, but the bonds in your Plan will no longer earn interest. At that time, you will need to advise the Trustee on how best to manage your Plan (i.e. transfer out or withdraw). You may transfer out your bonds to another registered savings plan or withdraw them at any time.
Status of The Canada RSP at Age of 71
- A plan maturity notice will be sent to you by the Trustee prior to December 31 of the year in which you turn 71, asking you to provide written instructions about what you would like to do with your Canada RSP Plan.
- If you do not provide written instructions to the Trustee and you have a minimum balance of $500 in The Canada RSP, the investments will automatically be transferred from The Canada RSP to The Canada RIF to avoid having you pay tax on the total proceeds. If the value of your Canada RSP Plan is less than $500, any applicable taxes will be deducted and the balance of your Plan will be paid out.
Statements and Receipts
Statements of account will be issued by the Trustee on a semi-annual basis, as of June 30 and December 31.
Tax Contribution Receipts
Tax receipts for contributions made from March 2 to December 31 are mailed mid-January.
Services for The Canada RSP Holders
Find out about address and legal name changes, and other services for The Canada RSP holders.