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Is it possible to cash the money in the RRSP plan once an employee quits his job?

The purpose of the RRSP account is to help us better plan our retirement. All interest and money that the account yields is tax free.

If an employee is no longer working in the cleaning industry and is not planning to return in that field, then, it may be possible for him to cash in the money before his retirement; however, please note that any withdrawn amount will automatically be taxed. Furthermore, the trustee may apply closing fees.

Our advice is to simply leave the money in the account until retirement.

If the employee has never completed his registration form, than the amounts where not transferred to the trustee: they are still pending at the Parity Committee. If the employee is no longer working in the building service industry, he or she may ask the Parity Committee the reimbursement of the accumulated amounts. The Parity Committee will not withhold a percentage of the money: the money belongs to the employees.

To learn more contact us at 514 384-6640 (or at our toll free number: 1 800 461-6640).

 

For any question regarding the administration of the RRSP funds by the trustee, you must contact IA Financial Group at 1 800 567-5670 or at pension@ia.ca.