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Leaving my program or retiring

Going through a job change or planning to retire? You don’t have to lose the power of your group plan.

Continue to save, invest, and grow your savings with the Manulife Personal PlanTM. Access your retirement savings through our group retirement income plans. Check it out, then let’s chat about your options.

Closing your account?

Once you know what you want to do with your money, you may need to submit a termination request form.

Check what you’re entitled to
Before leaving your program or retiring, review your benefits and entitlements, such as your group retirement and savings plans, health insurance, and other workplace benefits. Understand what you’re eligible for and what you need to do.

Notify your employer
Follow the required procedures for submitting your resignation or retirement notice and keep to any specified timelines.

Understand the transition process
Learn what’s involved in the transition, including the steps to transfer or close accounts, roll over retirement funds, and handle any outstanding responsibilities.

Get advice
A financial advisor can help you assess your financial situation and put a solid plan in place. Consider factors like income sources, expenses, and savings.

How do I access my retirement savings?
Contact your HR department or benefits administrator to understand how to access the funds in your group retirement plan. They can tell you about your options, such as taking your money as a lump-sum payment, converting it to an income fund, buying an annuity, or rolling over your money into another plan.

How should I plan for my finances in retirement?
Assess your financial situation, including income sources, expenses, and savings. Then think of your desired retirement lifestyle and create a budget. Consider consulting a financial advisor to help you put a comprehensive retirement plan in place.

When I’ll get my tax slips and receipts

Go to the Tax receipts and slips landing page to learn which tax documents we prepare, where and when to expect them, and what your deadlines are to report them.

Update your contact information
Sign in to the secure site to make sure that your contact information, such as your mailing address and email, is up to date and to make any necessary changes. This will help avoid any delays in receiving your tax documents.

Can I request a duplicate copy of my tax slips and receipts?
Yes, you can download a copy of your tax receipts or slips through the secure site and mobile app.

How can I ensure my tax documents will get to me?
Check your mailing address and email through the secure site and update if necessary to make sure your documents will go to the right place.

What should I do if there’s an error on my tax slip or receipt?
Contact us immediately to request a correction. We can provide a corrected document to ensure your tax return is accurate.

Using my RRSP money to buy a home under the Home Buyers’ Plan (HBP)

First, check the rules

  • Check if your group RRSP allows you to withdraw money for the HBP. Also, find out if withdrawal fees apply.
  • Check the most recent Canada Revenue Agency (CRA) rules. Contributions made within a certain timeframe prior to the withdrawal cannot be used under the HBP.

To use your RRSP money for the HBP

  1. Complete Form T1036.
  2. Sign in and go to Tools and resources > Send documents to send us the form and a scanned image of a void cheque for the account that you want the money deposited to. If you don't have a chequing account, send us your banking information, supplied on bank letterhead.
    Or mail to:
    Manulife
    Attention: GRS Client Services
    P.O. Box 396
    Waterloo, ON N2J 4A9

Check eligibility
Make sure that you qualify as a first-time homebuyer and understand what’s considered a qualifying home. Check the most recent CRA rules.

Plan your withdrawal
Determine the amount you need to withdraw from your RRSP for the home purchase. Remember, you can withdraw up to $60,000, and if you’re buying with a spouse or common-law partner, they can also withdraw up to $60,000 from their RRSP.

Complete the form
Fill out Form T1036, Home Buyers' Plan (HBP) Request to Withdraw Funds from an RRSP.

Repay on schedule
You must repay the withdrawn amount to your RRSP over 15 years. Repayments start the second year after the withdrawal, and you must repay at least 1/15th of the total amount each year. If you miss a repayment, the amount must be included in your income on your taxes for that year. This means you will have to pay taxes on the missed repayment amount.

How much can I withdraw from my RRSP under the HBP?
You can withdraw up to $60,000 from your RRSP. If purchasing with a spouse or common-law partner, they can also withdraw up to $60,000 from their RRSP, for a combined total of $120,000.

How do I withdraw funds from my Manulife RRSP under the HBP?
If your plan allows it submit Form T1036, Home Buyers' Plan (HBP) Request to Withdraw Funds from an RRSP.

When do I need to start repaying the amount withdrawn under the HBP
You must start repaying in the second year after the year you made the withdrawal. You must repay at least 1/15th of the total amount each year over 15 years.

What happens if I miss a repayment under the HBP?
If you miss a repayment, the required repayment amount for that year will be added to your taxable income for that year. This means you’ll have to pay taxes on the missed repayment amount.

Can I use the HBP more than once?
You can participate in the HBP again if you’ve fully repaid any previous HBP withdrawals and meet all other eligibility criteria. Always check the latest CRA rules for HBP.

Using my RRSP money to pay for my education under the Lifelong Learning Plan (LLP)

First, check the rules

  • Check if your group RRSP allows you to withdraw money for the LLP. Also, find out if withdrawal fees apply.
  • Check the most recent CRA rules. Contributions made within a certain time frame prior to the withdrawal cannot be used under the LLP.

To use your RRSP money for the HBP

  1. Complete Form RC96, Lifelong Learning Plan (LLP) Request to Withdraw Funds from an RRSP.
  2. Sign in and go to Tools and resources > Send documents to send us the form and a scanned image of a void cheque for the account that you want the money deposited to. If you don't have a chequing account, send us your banking information, supplied on bank letterhead.
    Or mail to:
    Manulife
    Attention: GRS Client Services
    P.O. Box 396
    Waterloo, ON N2J 4A9

Your money should be available within 10 business days.

Understand the LLP
The LLP allows you to withdraw funds from your RRSP to finance full-time training or education for you or your spouse or common-law partner. You can withdraw up to $10,000 per calendar year, with a maximum of $20,000 over the program’s duration.

Check eligibility
You must be enrolled in a qualifying educational program at a designated educational institution and intend to return to full-time studies. Check the most recent CRA rules.

Plan your withdrawal
Determine the amount you need to withdraw, keeping in mind the annual and total withdrawal limits. Plan your withdrawals to align with your education expenses over the duration of your studies.

Complete the form
Fill out Form RC96, Lifelong Learning Plan (LLP) Request to Withdraw Funds from an RRSP.

Repay on schedule
You must repay the withdrawn amount to your RRSP over 10 years. Repayments start the fifth year after your first LLP withdrawal or the second year after you cease to be a student, whichever comes first. Each year, you must repay at least 1/10th of the total amount.

Am I eligible to participate in the LLP?
To be eligible, you must be enrolled in a qualifying educational program at a designated educational institution and intend to return to full-time studies. Check CRA rules for complete eligibility criteria.

How much can I withdraw from my RRSP under the LLP?
You can withdraw up to $10,000 per calendar year, with a maximum of $20,000 over the duration of the LLP program.

How do I withdraw funds from my RRSP under the LLP?
Complete and submit Form RC96, Lifelong Learning Plan (LLP) Request to Withdraw Funds from an RRSP.

When do I need to start repaying the amount withdrawn under the LLP
You must start repaying in the fifth year after your first LLP withdrawal or the second year after you cease to be a student, whichever comes first. You must repay at least 1/10th of the total amount each year over 10 years.

What happens if I miss a repayment under the LLP?
If you miss a repayment, the required repayment amount for that year will be included in your taxable income for that year. This means you’ll have to pay taxes on the missed repayment amount.

Can I participate in the LLP more than once?
You can participate in the LLP again if you’ve fully repaid any previous LLP withdrawals and meet all other eligibility criteria. There are no restrictions on the number of times you can participate. Always check the latest CRA rules for LLP.