Advertorial – The Canada RSP/RIF plans have changed, and as of December 2021 your funds will stop earning interest. And we all know what that means: unlike your nose and ears, this retirement money will stop growing once the bonds held in your plan reach maturity.
So, you may be wondering, “What do I need to do?”
Firstly, don’t worry, your funds are safe, guaranteed and available to you whenever you like. More importantly, you have two options to choose from when deciding how best to manage your retirement savings:
- You can contact your financial institution and transfer your funds to another registered retirement plan.
- You can call our Customer Service line to withdraw your funds.
Why did the Canada RSP and Canada RIF programs change?
The Government of Canada announced its decision to stop issuing Canada Savings Bonds (CSBs) and Canada Premium Bonds (CPBs) as of November 2017, given that sales had declined over the last two decades as Canadians explored new investment alternatives.
As a result, the funds in Canada RSP and Canada RIF plans, which are invested in CSBs and CPBs, can no longer be reinvested and will stop earning interest once these bonds reach maturity.
If you are unsure about your options or have questions, visit csb.gc.ca or contact us at 1-800 575-5151.