Withdraw from your RRSP or spousal RRSP

In this article:

Overview

There are three types of withdrawals you can make from an RRSP:

  1. Normal withdrawal
  2. Home Buyers' Plan
  3. Lifelong Learning Plan

Each of these withdrawals comes with its own process and rules, so please read on for how each withdrawal works and their tax implications. The same rules apply if you're withdrawing from a spousal RRSP. However, only the annuitant (the primary account owner) can make withdrawals.

Tip: If you're looking for information on how to convert your RRSP to a RRIF, review the information below. 

Normal withdrawal

You'll need to pay withholding tax on the money you withdraw from your RRSP. You can think of withholding tax as a partial down payment toward the total amount of tax you’ll owe on the withdrawal. This is because the amount you withdraw is added to your taxable income for the year. 

We'll automatically take any withholding tax out of your withdrawal and pay it to the government. The amount of withholding tax we send depends on which province you live in:

If you withdraw: Withholding tax rate (excluding Quebec): Withholding tax rate (Quebec residents):
Up to $5,000 10% 19% (5% Federal + 14% Provincial)
Between $5,001 and $15,000 20% 24% (10% Federal + 14% Provincial)
More than $15,001 30% 29% (15% Federal + 14% Provincial)


For example, if you live in Ontario and withdraw $10,000 from your RRSP, the amount you'll receive after tax is $8,000. This amount is considered taxable income and will be added to your total income for the following tax year.

How to make a withdrawal

To make a normal withdrawal from an RRSP, follow these steps:

Web Mobile app 
  1. Sign in to your Wealthsimple account
  2. Select Move money from the Home page
  3. At the bottom of the Move money form, select your account type (Managed or Self-directed) to continue the old website 
  4. In the From field, select your RRSP
  5. In the To field, select your desired bank account
  6. Choose your Reason for withdrawal
  7. In the Amount field, enter an amount
  8. Select your Frequency
  9. Click Set withdrawal
  1. Log in to your Wealthsimple mobile app
  2. Tap the Move tab at the bottom of your screen
  3. Select the Withdraw menu item
  4. Select your RRSP and tap Next
  5. Choose the destination for your withdrawal and tap Next
  6. Enter an amount and tap Review
  7. Confirm your withdrawal details and Submit your withdrawal

Home Buyers’ Plan

Note: The 2024 federal budget announced a change to the dollar amount you can withdraw from your registered retirement savings plan (RRSP) under the Home Buyers Plan (HBP), increasing the amount from $35,000 to $60,000. This change, according to the budget, is effective for withdrawals initiated on or after April 17, 2024. As such, Wealthsimple will support withdrawals of up to $60,000 from RRSPs, to be treated as eligible withdrawals under the HBP. 

The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $60,000 in a calendar year from your RRSP to buy or build a qualifying first home for yourself or for a related person with a disability.

Tip: Funds must be in your RRSP for at least 90 days before they can be used for an HBP withdrawal.

How to make a withdrawal

You can make a Home Buyer's Plan withdrawal from your RRSP by following the same instructions as a standard withdrawal. Just make sure to select your reason for withdrawal as Buying a home with a Home Buyer's Plan. You can then follow the prompts on the screen to ensure you are eligible and complete the withdrawal. Home Buyer's Plan withdrawal timelines are the same as normal withdrawal timelines.

You must make a withdrawal no later than 30 days after the closing date of the purchase.

Lifelong Learning Plan

The Lifelong Learning Plan (LLP) is a program that allows you to borrow up to $20,000 from your RRSP to pay for full or part-time education and training.

Funds must be in your RRSP for at least three months before they can be used for an LLP withdrawal. The maximum amount you can withdraw in any calendar year is $10,000.

Note: You can't use the LLP to pay for a child's education. If you're looking to save for a child's education, consider opening an RESP.

How to make a withdrawal

You'll need to fill out an RC96E form to withdraw funds from your RRSP under the LLP. We will ask you to fill out the form when you set up the withdrawal through your Wealthsimple profile. To get the RC96E form, make sure you choose Education using a Lifelong Learning Plan as your Reason for withdrawal.

We will liquidate your managed RRSP for you when you make the withdrawal request. Trades take 1 business day to settle, so the entire process takes about 4-6 business days. If your withdrawal request gets cancelled, the funds for the withdrawal will automatically be re-invested for you.

You must liquidate your self-directed investing RRSP before making the withdrawal request.

Note: If we do not receive the appropriate form for this withdrawal, your request will be cancelled.

Convert your RRSP to a RRIF

If you're under the age of 71 and wish to convert your RRSP into an RRIF, you will need to contact our support team. 

If you are over the age of 71 and would like to convert your RRSP into an RRIF, you can see below for more information. You will need to contact our support team in order to have your account converted.

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