How can I withdraw funds from my RRSP with FlexiFonds products?

To withdraw money from your RRSP and understand the tax implications of this withdrawal, contact a FlexiFonds mutual fund advisor.

There are no withdrawal conditions for FlexiFonds products. You should note, however, that withdrawing amounts from an RRSP may give rise to tax withholdings.

To withdraw funds easily and avoid unpleasant surprises, get in touch with us. Our mutual fund advisors are there to guide you, step by step, toward the saving strategy that suits your needs.

Please note that processing time is at least three business days, depending on the financial institution where the funds will be deposited.

RRSP withdrawals: tax implications

It is entirely possible to withdraw amounts from your RRSP with FlexiFonds products before retirement; for instance, when you are facing an emergency, buying your first home or going back to school.

However, the amount you withdraw from your RRSP is taxable income and is therefore added to your income for the current year.

Let's look at an example.

  • You earned employment income of $40,000.
  • You decide to withdraw $10,000 from your RRSP.
  • Your total income for the current year is now $50,000. You must pay tax on the additional income of $10,000.

In addition to the tax withheld when you withdrew the amount, you might have to pay income tax when you file your tax return. It may be possible to increase source deductions to avoid this situation.

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Good to know

Amounts withdrawn to buy a first home (HBP) and to go back to school (LLP) have no impact on your income for the current year.

Give us a call, and let's talk about your plan!

1-833-383-2121
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FlexiFonds de solidarité FTQ Inc.
The units of the FlexiFonds funds are distributed solely in Québec by FlexiFonds de solidarité FTQ inc., a mutual fund dealer wholly owned by the Fonds de solidarité FTQ. FlexiFonds de solidarité FTQ inc. does not distribute the units of any other mutual funds. Management fees and other expenses may be associated with mutual fund investments. Please consult your advisor and read the prospectus and the fund facts documents before making an investment. The units of the FlexiFonds funds are not covered by the Canada Deposit Insurance Corporation nor any other government deposit insurer. The FlexiFonds funds are not guaranteed, their values change frequently, and past performance may not be repeated.

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