Personal Finance

How to close an RRSP at RBC

Piyush Singh
Piyush Singh
29.09.23 (updated more than 1 year ago)
Read time 2 minutes

Wondering how to close an RRSP account (Registered Retirement Savings Plan) at the Royal Bank of Canada (RBC)? Knowing how to properly close out your RRSP is important to ensure you maximize the benefits of this savings plan. In this article, we'll explain how to close an RBC RRSP. We’ll also explore how Wise can help you manage your money with or without a bank account.

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Table of Contents

How To Close An RRSP Account

RBC offers two convenient options to help you close RRSP account.

The first way is over the phone. Simply dial 1-800-463-3863 and a helpful RBC associate will guide you through the process.

Another option is in person. You can visit your local RBC branch during open hours and wait for an associate’s help. If you’re short on time, you can also book an appointment online or over the phone by calling 1-855-202-6828. This will ensure there is someone available to help you when you show up.

That’s it! Nothing too difficult. Now you might be wondering, “What happens if I close my RRSP account?” Well, when it comes to funds, things get a lot more complicated. This is because there are restrictions on how you can use the funds from your account. The money can be used for:

  • Buying a Home - You have one opportunity to withdraw up to 35,000 CAD from your RRSP to use for purchasing a home. You must have:
    • the funds in your account at least 90 days before purchase
    • a signed agreement
    • the ability to pay back 1/15 of the funds annually¹
  • Education or Training - You can withdraw up to 10,000 CAD annually or up to 20,000 CAD over four consecutive years for your or your partner’s post-secondary education. You must pay back at least 10% of the amount borrowed annually¹.
  • Emergencies - Emergency withdrawals are possible. But they are counted toward your taxable income for the year and will have “an impact on your retirement plan”¹.

You can learn more about all of these options by calling 1-855-278-0252 or visiting your local branch. You can book your appointment online or over the phone by calling 1-855-202-6828¹.

You should also note that transferring funds from an RRSP to a non-RBC company results in a 150 CAD fee. RBC has the right to change this at any time and will notify you at least 30 days before new fees are introduced or current fees are diminished¹.

Meet Wise - Your International Money Transfer Alternative

Now that you know how to close RRSP account, are you ready to move on? Fed up with all the fees and hassle that come with banks? Looking for something to ease the transition? Or do you just want some added help with managing your finances? Wise has you covered! Wise is a money services business (MSB) that saves you money whenever you need to send some.

You can use it with or without a bank account. You can also

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To start managing your money as a student, check out the Wise App on Google Play Store or the App Store!

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Sources:

  1. RBC Royal Bank

Sources verified on 28 September 2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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