If you still own a Canada RSP or a Canada RIF plan, know your options before your plan stops earning interest by 2021.
What change does the COVID-19 Economic Response Plan have on The Canada RIF?
The Government of Canada’s COVID-19 Economic Response Plan includes a 25% reduction in the required minimum withdrawals from Registered Retirement Income Funds (RRIFs) for 2020. To reduce the planned withdrawal amount for your Canada RIF for 2020, contact Customer Service. If you do not wish to make any changes to your current plan, no action is required on your part. Read more about the new measure for annuitants of Registered Retirement Income Funds.
What will happen to The Canada RSP and The Canada RIF in 2021?
Funds held in the Canada RSP and the Canada RIF plans will stop earning interest in 2021.
Are my funds still earning interest?
Yes, funds in your current plan will continue to earn interest until November 1 or December 1, 2021, depending on the maturity date of the bonds held in that plan. After that date, your funds will remain available to you but will no longer earn interest.
What are my options if I no longer want a Canada RSP or Canada RIF?
If you wish to close your Canada RSP or Canada RIF plan:
- You can visit your financial institution to transfer the funds held in your Canada RSP or Canada RIF to another registered retirement vehicle, or;
- Contact us to make a withdrawal. If you choose to withdraw the funds from your plan, the amount withdrawn will be subject to applicable withholding taxes and the proceeds must be declared as income in the year of the withdrawal.