RESP Withdrawals

Step 1 - Enter the withdrawal in the system

Enter the withdrawal through your ModernAdvisor dashboard

Step 2 - Complete the forms

Complete the appropriate forms and send a signed copy to us via email or online chat.

The required form for withdrawing funds depends on whether the withdrawal is for educational purposes or not, and on the financial institution or custodian holding the accounts.

Required Forms

Educational withdrawal (EAP and PSE)
1. CI Investment Services - RESP Withdrawal Form & Proof of enrolment.
2. Aviso - RESP EAP Withdrawal Form & Proof of enrolment.
Non Education Capital Withdrawal
1. CI Investment Services - RESP Withdrawal Form
2. Aviso - RESP Non-School Withdrawal Form

Proof of Enrolment

Proof of enrolment is always required for RESP withdrawals and is a document that provides the following information :

Beneficiary name
Post-secondary school name
Date when proof was issued
Semester(s) or school year
Indication that beneficiary is enrolled full- or part-time.

Acceptable examples are:

Letter from the post-secondary institution (with name and address) stating the student is enrolled in a full or part time program. The letter must be SIGNED and STAMPED by the post-secondary institution
Copy of the OFFICIAL course schedule AND valid student identification card (double sided copy).

FHSA Withdrawals

Step 1 - Determine if Qualifying or non-qualifying.

Qualifying Withdrawal

If you meet the criteria for a qualifying withdrawal, you can make unlimited withdrawals from your FHSA without incurring any taxes. To acquire additional information, please see the "Closing your FHSA" section or consult the FHSA withdrawals page on the Government of Canada's website.

Non-Qualifying Withdrawal

Non-qualifying withdrawals from an FHSA must be included as income on your income tax and benefit return for the year the withdrawal is received. This amount will be subject to income tax withholding

Step 2 - Enter the withdrawal in the system

Enter the withdrawal through your ModernAdvisor dashboard

Step 3 - Fill out and Sign Form

If a Qualified withdrawal, Fill out and Sign Form RC725 and return to support@modernadvisor.ca.

The issuer on the form should be CI Investment Services (if the account starts with a 1) or Aviso Financial (if the account starts with a 5).

Home Buyer Plan Withdrawals

Step 1 - Enter the withdrawal in the system

Enter the withdrawal through your ModernAdvisor dashboard

Step 2 - Complete the forms

Fill out and Sign the CRA Form T1036 (Home Buyers' Plan Request to Withdraw Funds from an RRSP). Email your completed form to support@modernadvisor.ca

LIRA Withdrawals and Unlocking

Some locked-in retirement accounts may allow withdrawals or transfers under specific circumstances, but the rules vary depending on the pension legislation that governs the account.

Step 1 - Determine the type of account, jurisdiction and reason.

Because each jurisdiction has different requirements, we must first determine:

The type of locked-in account (LIRA, LRSP, LIF, etc.)
The governing pension jurisdiction
The reason for the unlocking request

Common unlocking scenarios may include:

Financial hardship
Small balance unlocking
Non-residency
Shortened life expectancy
Other jurisdiction-specific provisions

Step 2 - Contact Support@modernadvisor.ca with details of your request.

We will review the account and confirm what forms and documentation are required.

If unlocking is permitted under the applicable legislation, we will work with the custodian to obtain the necessary forms and instructions.

Important Notes

Not all locked-in accounts are eligible for unlocking.
Eligibility requirements differ by jurisdiction and account type.
Additional supporting documentation may be required.
Processing timelines depend on the custodian, pension legislation, and completeness of the submitted documentation.
Approval is subject to legislative and custodian requirements and cannot be guaranteed.

For assistance, please contact support@modernadvisor.ca and include your account number and details of the unlocking request.

Lifelong Learning Plan Withdrawals

Step 1 - Enter the withdrawal in the system

Enter the withdrawal through your ModernAdvisor dashboard

Step 2 - Complete the forms

Fill out and Sign the CRA Form RC96 (Lifelong Learning Plan (LLP) Request to Withdraw Funds from an RRSP). Email your completed form to support@modernadvisor.ca

RDSP Withdrawals

The RDSP operates akin to a pension plan, and withdrawals are processed accordingly.

For early withdrawals (before the beneficiary turns 60), penalties may apply, depending on the date of the last government contribution deposit. To determine the taxable portion before making a withdrawal, account holders can contact the ESDC at 1-866-204-0357 or 1-866-754-2674.

Step 1 - Determine the type of withdrawal

There are different types of withdrawals:

1. Disability Assistance Payments (DAPs): These are one-time withdrawals that can be requested at any time.

2. Lifetime Disability Assistance Payments (LDAPs): Series of recurring withdrawals from an RDSP made to the beneficiary once they reach the age of 60.