In Canada, how you get money from a retirement plan depends on what type of plan.
If it is a Registered Retirement Plan (RRSP) then getting money out is as simple as deregistering and surrendering the plan. You will have to pay tax as the amount will be added to your income. There will be a withholding tax, currently 10% for up to $5,000, 20% for $5,001 to $15,000 and 30% for over $15,000.
If it is a pension plan you cannot get money from the plan other than as an income while you are with the company. Depending on circumstances, money from a pension plan is either transferred into a "regular RRSP" and can be withdrawn or a "locked in RRSP" and usually cannot other than as an income.
Check with your advisor before you do anything to make sure you are making an informed decision.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.
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If it is a Registered Retirement Plan (RRSP) then getting money out is as simple as deregistering and surrendering the plan. You will have to pay tax as the amount will be added to your income. There will be a withholding tax, currently 10% for up to $5,000, 20% for $5,001 to $15,000 and 30% for over $15,000.
If it is a pension plan you cannot get money from the plan other than as an income while you are with the company. Depending on circumstances, money from a pension plan is either transferred into a "regular RRSP" and can be withdrawn or a "locked in RRSP" and usually cannot other than as an income.
Check with your advisor before you do anything to make sure you are making an informed decision.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.