How to Withdraw RRSP from RBC: A Comprehensive Guide

Registered Retirement Savings Plans (RRSPs) are a great way to save for the future. However, times may arise when you need to tap into these funds. Withdrawing RRSPs from RBC can seem daunting, but with the right information, the process can be simple and hassle-free. Let's explore how you can withdraw your RRSPs at RBC through online banking, mobile app, and customer service.

Option 1: RBC Online Banking

Online banking offers a convenient way to manage your financial transactions, including RRSP withdrawals. To use RBC’s online banking platform, follow these simple steps:

• Log onto your RBC Online Account.
• Navigate to the "Account Details" page.
• Select your RRSP account from the list of your accounts.
• Choose the "Withdraw Funds" option.
• Input the desired amount and confirm transaction details.
• Review and submit your request.

Please remember, withdrawing RRSP can have tax implications. Consult with a tax advisor before proceeding.

Option 2: Using the RBC Mobile App

For those on the go, RBC's mobile application provides an easy way to manage your RRSP account. Here's how:

• Download and install the RBC Mobile app from the Apple App Store or Google Play Store.
• Login to the RBC Mobile app using your Online Banking username and password.
• Select 'Accounts' followed by your RSP account.
• Click on 'Transfers' or 'Pay Bills & Transfer Funds'.
• Key in the amount you want to withdraw, review the details, and confirm.

Note, mobile fund transactions may take one business day to process.

Option 3: RBC Customer Service

If you're not comfortable with online or mobile transactions, you can still withdraw your RRSP funds the traditional way – by calling RBC’s customer service:

• Prepare necessary details like your account number and Social Insurance Number (SIN).
• Call the RBC Direct Investing Client Service at 1-800-769-2560.
• Wait for the Customer Service Representative and tell them your intent to withdraw from your RRSP account.
• Follow their instructions to complete the process.

Customer service calls can take more time, be patient and be ready with your account details to speed up the process.

Conclusion

Withdrawing from your RRSP at RBC can be done through various methods – online banking, mobile app, or a customer service call. Choose the method that best suits your needs. But, remember to consult with a tax advisor before taking actions that may have financial implications. With prudence and knowledge, you can successfully manage your RRSP account and secure your financial future.