How to Withdraw RRSP at CIBC: A Comprehensive Guide

Withdrawing your Registered Retirement Savings Plan (RRSP) funds can seem complicated, but the Canadian Imperial Bank of Commerce (CIBC) has made this process straightforward with online banking, mobile app, and customer service calls. In this article, we will walk you through step-by-step on how to make your RRSP withdrawal at CIBC using these three methods.

Option 1: Online Banking

Online banking provides an easy and convenient way to withdraw your RRSP funds without leaving the comfort of your home. If you're registered for CIBC online banking, here are the steps to proceed:

• Login into your CIBC online banking account.
• On the dashboard, navigate to your 'accounts' section.
• Find your RRSP account and click ‘Withdraw Funds’.
• Input the amount you wish to withdraw, review your details, and confirm the transaction.
• You should receive a confirmation message, and the transaction will reflect immediately or within 2-3 business days based on your bank’s processing timelines.

Option 2: Mobile App

The CIBC Mobile Banking App is another popular choice for withdrawing RRSP funds. Compatible with both iOS and Android devices, you can perform transactions from any location. Here is the step-by-step process:

• Log into the CIBC mobile app with your online banking credentials.
• From your account dashboard, find and select the RRSP account you wish to withdraw from.
• Click on ‘Withdraw Funds’.
• Enter the withdrawal amount, review your details and confirm your transaction.
• A confirmation message will pop on your screen. The amount will be debited from your RRSP account immediately or within a few business days, depending on the bank's processing timeframes.

Option 3: Call Customer Service

If you're not comfortable with online methods or prefer human interaction, withdrawing your RRSP funds through a customer service call is a viable alternative:

• Dial the CIBC customer service number.
• After the prompts, choose the option related to 'Account Information' or 'Transfers and Withdrawals'.
• When connected to a representative, state your request for an RRSP withdrawal.
• The representative will confirm your account, ask security questions, and confirm your request.
• Once the transaction is confirmed, you'll receive a confirmation mail or message. Funds will typically reflect in your preferred account in 2-3 business days.

Before making a withdrawal from your RRSP account, it is crucial you understand the tax implications, especially if you're under 71 years of age. There are other options for accessing your RRSP funds, such as using them for homebuyers' plan or lifelong learning plan. You may want to consult your financial advisor or talk to a CIBC representative directly if you anticipate regular withdrawals from your RRSP. Whatever method you choose, CIBC has made it easy for you to access your RRSP funds when you need them.