Registered Plans

As each series of Bonds Matures, a Bondholder has two options:

1. Transfer the proceeds to another RSP or registered plan – by sending the Trustee (i.e. the Registrar) a T2033 transfer form from the RSP administrator prior to maturity; or
2. Withdraw the funds and pay the tax owing on the amount withdrawn – by sending the Trustee (i.e. the Registrar) a letter of direction prior to maturity.

NOTE, if notice is not provided, the Trustee will maintain the matured value in a dormant status and will no longer earn interest after maturity. The Trustee will maintain the record until such time as notice of direction is provided or until such time as the registered holder reaches the age of 71.

If no notice has been received by this time, the plan will be collapsed and withholding tax taken and submitted to CRA per Section 146(12)(b) of the Income Tax Act, Canada Revenue Agency requires RRSP's terminate by December 31st the year in which the registered owner turns 71.

More information related to RSPs can be obtained by calling the Registrar at 1-800-501-7725.

The scale for withholding tax applicable to withdrawing from an OSB RSP is as follows:

Yes. An OSB RSP may be used as a down payment on a new home purchase. The bondholder must complete a Canada Revenue Agency T1036 form. The form can be obtained from a Financial Institution or a Canada Revenue Agency office. Processing of the T1036 form may take up to 10 days from the requested date.

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