Did you know that The Canada RSP/RIF plans changed?
So, you must be wondering, “What does that mean for me?”
If you’re a Canada RSP/RIF plan holder, it means your funds will stop growing as of December 2021. The current funds you invested are safe, guaranteed and available to you whenever you like, but you may want to make some changes.
Do you have your account statement or account number?
The first thing you should do is find your most recent Canada RSP or RIF account statement and check for details about your plan, including your account number. If you can’t find your statements or have not been receiving them because your account information may not be up to date, contact us so we can review everything with you.
You can transfer or withdraw your funds. The choice is entirely up to you!
You can transfer your funds to another registered retirement plan or account. To do so, simply contact your financial institution or advisor and they will guide you through the process. You will need to provide them with your Canada RSP or RIF account number which you can find on your statement.
Your second option is to withdraw the funds from your plan, which you can do by calling our Customer Service line. Please keep in mind that as with all registered retirement plans, if you choose to withdraw funds, taxes will be withheld, and you will need to declare the proceeds as income for the year in which the withdrawal is made.
Why did the Canada RSP and Canada RIF programs change?
The Government of Canada announced its decision to stop issuing CSBs and CPBs as of November 2017 given that sales had declined over the last two decades as Canadians explored new investment alternatives.
As a result, the funds in Canada RSP and Canada RIF plans, which are invested in CSBs and CPBs, can no longer be reinvested and will stop earning interest once these bonds reach maturity.
Check your Canada RSP/RIF statements for more details. If you need help with what to do next, visit csb.gc.ca or contact us at 1-800 575-5151.