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Manage my money

Withdraw money from my Manulife plan

  1. Sign in to your account.
  2. First, go to My account > Member booklets to find out whether you can withdraw (take money out) of your plan.
  3. To request a withdrawal:
    • If your plan lets you make a withdrawal online, go to My account > Make a withdrawal and follow the instructions. You can take out $50,000 or less.
    • If you can’t make an online withdrawal or if you want to take out more than $50,000, you can use a withdrawal form. You can find it under Forms in the Tools and resources > Plan resources section. To submit your completed form, go to Tools and resources >  Send documents or use the mailing instructions on the form.
  4. To have the money deposited directly in your bank account, make sure your banking information is accurate.

If you’re thinking of taking money out of your RRSP, make sure you have the facts, including RRSP withdrawal rules:

How long will it take?

  • It could take 1 to 2 business days to process your request depending on the type of fund and when you make the request.
  • Once processed, we’ll send the money to your bank or mail you a cheque within 5 business days.

What are the tax implications of withdrawing from my RRSP?

  • A withholding tax is applied at the time of withdrawal. The tax depends on how much you take out and where in Canada you live.
  • The amount you withdraw is taxable income. This means you must include it on your tax return and you may have to pay additional income tax on top of the withholding tax.

Are there penalties for withdrawals?

  • You can withdraw from your RRSP at any time and for any reason without penalty. However, RRSP withdrawals have tax implications.
  • There are no penalties and no tax for TFSA withdrawals. However, your contribution limit remains unchanged for the rest of the year. The amount you withdraw will be added back to your contribution room in the following year.

What's the impact on RRSP savings?

  • Besides taxes, when you withdraw money from your RRSP, your contribution room stays the same. The amount you withdraw won’t create additional contribution room. 
  • You also won’t benefit from the compounding interest that this money could otherwise earn if it’s left in the RRSP.

What if I have questions about managing my RRSP and/or other plans?
You can contact us for any questions about your account or consult your financial advisor.

Directly transfer to another plan

You must own the other plan that you’re moving money to.

  1. Sign in.
  2. Go to Forms under Tools and resources > Plan Resources and download the withdrawal form. Follow the instructions to fill out the relevant sections.
  3. Go to Tools and resources > Send documents to submit your completed form or use the mailing instructions on the form.

Get advice
Before making any major changes to your plan, we recommend speaking with a financial advisor. If you don’t have an advisor, you can request a meeting with a Manulife advisor.

What’s the difference between a direct transfer and a withdrawal?
A direct transfer is typically a transfer of assets from one type of retirement plan or account to another and is facilitated by the financial institutions involved in the transfer, while a withdrawal is removing funds from your plan into your general banking account.

Can I transfer funds to Manulife from a retirement account with another financial institution?
Yes, if you’re looking to consolidate your assets with Manulife, we can help you. Fill in the consolidation form and we’ll contact you to help you through this process.

See how my money is doing

  1. Sign in to see your account balance on the homepage.
  2. To see details for each plan, click on the Details link for that plan or go to My account > Account balance.
  3. To see rates of return, click on the Personal Rates of Return link on the homepage or go to Manage my investments > My investment performance.
  1. Sign in to the Manulife Mobile app on your phone or tablet to see your balance for each plan on the home screen.
  2. Tap Returns at the bottom of the screen to see the rates of return and the details of your investments.

Check your account regularly
Make it a habit to check your investments regularly. Monitoring performance can help you make timely adjustments to make sure you stay on track toward your goals.

Understand your statement
Take the time to understand your account statements. Look for key information, such as your current balance, recent transactions, fees, rate of return, and the change in value of your plan since the last statement.

Get advice
Regularly consult with a financial advisor to review your portfolio’s performance and make necessary adjustments. An advisor can suggest strategies tailored to your goals.

Stay informed
Keep an eye on market trends and economic news. This can help you make informed decisions about your investments.

How often should I check my retirement account?
We recommend checking your account performance at least quarterly, although you may want to check it more often during times of market fluctuations.

What should I do if I notice a significant drop in my account value?
A professional can provide guidance. Consult with a financial advisor to understand the reasons behind the drop and discuss what adjustments you could make.

How do I update my investment strategy?
Work with a financial advisor to review your current strategy and adjust it based on the performance of your investments, your risk tolerance, and your goals.

Change my funds

Change the funds you picked for the money that’s already in your plan. This is sometimes called a fund transfer.

If your plan lets you change your funds online:

  1. Sign in.
  2. Go to Manage my investments > Change my investments > Transfer between investments. Keep in mind:
    • You can transfer a dollar amount or a percentage of the gross amount available.
    • Percentages must be in whole numbers.
    • The lowest amount you can put into any one fund is 5%.

Generally, if we get everything we need by 4:00 p.m., Eastern time, on a business day, we change your funds that same day; otherwise, we change them on the next business day.

  1. Fill out a form for the plan you want to change your funds for.
  2. Send us the form you filled out. Sign in and go to More account options > My Account > Send documents or use the mailing instructions on the form.

Change the funds you picked for the money you’re going to put in your plan (future contributions). This is sometimes called changing your investment instructions.

  1. Sign in.
  2. Go to Manage my investments > Change my investments > Change my investments. Keep in mind:
    • Percentages must be in whole numbers.
    • The lowest amount you can put into any one fund is 5%.

If we get everything we need by 4:00 p.m., Eastern time, on a business day, we change your investment instructions that same day; otherwise, we change them on the next business day.

Find out if you can change your funds
To find out whether you can change your funds, sign in and go to My account > Member booklets

Review your investment objectives
Before making changes, review your retirement investment strategies, investment goals, risk tolerance, and time horizon. Make sure any changes fit your financial plan.

Get advice
Consult a financial advisor to make sure that changing your funds is right for you. An advisor can provide insight into market conditions, tax implications, and help you make informed decisions. If you don’t have an advisor, you can request a meeting with a Manulife advisor.

What should I consider before changing my funds?
Consider your investment objectives, risk tolerance, potential fees, tax implications, and the performance of the new funds. Consulting a financial advisor can help you evaluate these factors thoroughly.

Check my statements

Your account statements are available online. To access your online statement, follow the steps below.

  1. Sign in.
  2. Click the View My Statements link on the homepage or go to My account > Statements.
  3. View or print your account statements.    
  1. Sign in to the Manulife Mobile app on your phone or tablet.
  2. Tap your name.
  3. Tap View statements.

Review regularly
Make it a habit to review your financial statements as they become available to stay informed about your plan(s), account balances, investments, and overall financial health.

Verify information
This is a good opportunity to check important details, such as your beneficiaries, investment instructions, investor profile, and review any messages from your employer or Manulife.

Understand key metrics
Familiarize yourself with key metrics and terms on your statements, such as account balances, interest earned, fees, and rate of return. This helps you better understand your financial situation.

How often should I check my statements?
You get a statement at least once a year and sometimes monthly, quarterly, or semiannually, depending on your plan. Review your statements as soon as they become available to stay on top of your plan.

How can I access my statements?
You can access your statements on your secure site or your Manulife Mobile app. You can also choose to receive your annual statement by mail.