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Designating beneficiaries, successor holders or successor annuitants is an important part of managing your registered investments.
Beneficiary: the person(s) who will inherit money from your RRSPs, RRIFs or TFSAs.
Eligible beneficiaries include:
- Spouse or common-law partner
- Financially dependent child or grandchild under the age of 18
- Financially dependent child or grandchild who is dependent because of a physical or mental infirmity (any age)
Designate or change beneficiaries ONLY: Designation of Beneficiary Form*[PDF].
Successor holder: your spouse or common-law partner who will become the TFSA account owner and may make withdrawals and contributions toward any unused amounts available.
Only spouses and common-law-partners are eligible to be successor holders.
Designate a beneficiary and name a successor holder: TFSA Successor and Optional Designation of Beneficiary Form**[PDF].
Successor annuitant: enables your spouse or common-law partner to assume ownership of your RRIF with no tax consequences to your estate They can transfer your RRIF investments into their own RRIF account and continue to receive your RRIF payments.
Only spouses and common-law partners are eligible to be successor annuitants.
Designate a beneficiary and name a successor annuitant: Successor Annuitant and Optional Designation of Beneficiary Form**[PDF].
Print and mail your completed form(s) to:
Outlook Financial
Box 2, Station Main
Winnipeg MB R3C 2G1
*Complete if you are designating beneficiaries only.
**If you are naming a successor, you can designate alternate beneficiaries on the same form – no need to fill out the Designation of Beneficiary Form.
IMPORTANT:
- Your beneficiary or successor information will be updated within two business days of receipt.
- If you are converting your RRSP into a RRIF, they are considered two separate plans. You must designate a new beneficiary for your RRIF even if you are naming the same person.
Did you know?
Your beneficiary information does not automatically change if your marital status or family situation changes. It is important to review your beneficiary and successor information on a regular basis.
NOTE: Adobe Reader is required to complete PDF forms, provided by third party, Adobe. You will exit the Outlook Financial website and open a new browser tab by clicking on the following link. To proceed, download the free PDF reader here.
Your Registered Retirement IncomeFfund (RRIF) is used to draw income during your retirement.
When opening a RRIF with Outlook Financial, you will provide the amount and frequency of your RRIF payments. You can change those instructions at any time, as long as you withdraw at the least the minimum amount.
Your minimum amount is based on:
- the date RRIF was established
- your/spouse's age
- the amount currently held within the RRIF
To make changes to your RRIF payments, complete the Registered Retirement Income Fund Plan Payment Instructions Form [PDF].
Print and mail your completed forms to:
Outlook Financial
Box 2, Station Main
Winnipeg MB R3C 2G1
Did you know?
If you only withdraw the minimum amount each year* your withholding tax will not be assessed immediately.
*Exception: withholding tax is assessed on the entire amount if a minimum payment is taken in the year the RRIF is opened.
IMPORTANT:
- To request that Outlook Financial take additional withholding tax from your RRIF payment, please complete the TD1 form from CRA and include it with your submission.
- Your RRIF payment instructions will be processed within two business days of receipt. Please allow enough time before your next payment for the changes to take effect.
Did you know?
The Government of Canada’s website has loads of information on RRIFs, visit Registered Retirement Income Fund (RRIF) to learn all about them.
NOTE: Adobe Reader is required to complete PDF forms, provided by third party, Adobe. You will exit the Outlook Financial website and open a new browser tab by clicking on the following link. To proceed, download the free PDF reader here.
Your Outlook Financial GIC is automatically set up to renew into a fixed GIC for the same term length, at the currently posted rates unless you have provided other instructions to us. If you would like to make changes to your maturity instructions on file, you have 14 calendar days from the maturity date to make changes.
To make changes to your maturity instructions or make a withdrawal, complete the Maturity Instructions Form.
To withdraw from a Cashable GIC, contact us.
IMPORTANT:
- Your request will be completed within one business day. Log in to online banking to verify your withdrawal.
- Withdrawals from Cashable GICs (in whole or in part) made prior to the maturity date will earn the early-withdrawal interest rate (1%) on the funds withdrawn, calculated back to the date of deposit. The remainder of the GIC will continue to earn its regular rate of interest.
- Partial withdrawals are subject to a $1,000 minimum withdrawal amount and a minimum remaining balance of $1,000.
The Declaration of Trust is an agreement between the individual who opened the RRSP/RRIF/TFSA and Concentra Financial, the body that oversees registered investments for credit unions across Canada. The Declaration of Trust states that Concentra Financial will act on behalf of the plan holder, as directed through forms submitted by the plan holder. It outlines responsibility for record keeping, withdrawals, transfers, borrowing and more, including what happens upon death of the plan holder.
Current Declarations of Trust (As of January 1, 2020*)
Declaration of Trust for RRSPs [PDF]
Declaration of Trust for TFSAs [PDF]
Declaration of Trust for RRIFs [PDF]
*As of January 1, 2020, the Declaration of Trust for any RRSP and/or TFSA products you hold with Outlook Financial were amended to meet regulatory requirements; however, it does not affect the day-to-day operation of your RRSP and/or TFSA and Concentra Trust remains the trustee of your RRSP and/or TFSA plan.
Did you know?
All RRSP, RRIF and TFSA plan holders acknowledge that they have read and agree to a Declaration of Trust when they sign up for a registered account. These Declarations of Trust change from time to time and it is important that plan holders stay up-to-date with the changes. Please review them annually.
NOTE: Adobe Reader is required to complete PDF forms, provided by third party, Adobe. You will exit the Outlook Financial website and open a new browser tab by clicking on the following link. To proceed, download the free PDF reader here.
You can transfer RRSPs, RRIFs and TFSAs from another financial institution, easily and conveniently.
To transfer funds to an existing Outlook Financial RRSP, RRIF or TFSA, simply complete the Direct Transfer-in Form [PDF].
Print and mail your completed forms to:
Outlook Financial
Box 2, Station Main
Winnipeg MB R3C 2G1
If you would like your funds to be invested in a fixed GIC, you can do so easily and conveniently through our digital banking channels.
If you would like to transfer a Manitoba Locked-In Retirement Account (LIRA) please contact us.
Don’t have an existing registered plan with Outlook Financial?
No problem! Visit "Open a TFSA/RRSP/RRIF Plan" below.
IMPORTANT:
- Your Direct Transfer-In Form request will be processed and sent to the institution you are transferring from within four days. Please be advised that a transfer can take 4-6 weeks.
- Rates are subject to change without notice at any time and we do not guarantee rates while funds are being transferred. For more information, please contact us.
NOTE: Adobe Reader is required to complete PDF forms, provided by third party, Adobe. You will exit the Outlook Financial website and open a new browser tab by clicking on the following link. To proceed, download the free PDF reader here.
You can withdraw funds from your TFSA, RRSP* or RRIF* at any time, as long as the funds are not locked in.
To withdraw funds from a TFSA, RRSP or request a one-time additional RRIF payment, complete and submit the online Withdrawal Request Form.
Did you know?
You are required to withdraw a minimum amount from your RRIF every year, but you can withdraw more if you would like more income.
*Funds withdrawn from a RRSP or RRIF (over and above the minimum amount) will be charged withholding taxes and remitted to the government by Outlook Financial on your behalf.
IMPORTANT:
- Withholding tax applies to the full amount for RRSPs. RRIFs are only taxed on the amount over and above the minimum amount.
- Fixed GICs are not eligible for early redemption and must remain invested until the expiry of the selected term.
- Withdrawals from Cashable GICs (in whole or in part) made prior to the maturity date will earn the early-withdrawal interest rate (1%) on the funds withdrawn, calculated back to the date of deposit. The remainder of the GIC will continue to earn its regular rate of interest.
- Partial TFSA and RRSP withdrawals from Cashable GICs are subject to a $1,000 minimum withdrawal amount and a minimum remaining balance of $1,000.
- If a RRIF GIC balance falls below the $1,000 minimum those remaining funds will be deposited to your RRIF savings account.
- Your withdrawal request will be completed within one business day of receipt. Sign in to online banking to verify your withdrawal.
- If your spouse or common-law partner contributed to your RRSP, see the Government of Canada webpage, Withdrawing from spousal or common-law partner RRSPs.
To request a withdrawal due to any of the reasons listed below, please contact us.
- Excess contribution on TFSA pledged as loan collateral
- Refund of excess RRSP contributions
- Marriage/relationship breakdown
- TFSA or RRSP annuitant holder deceased
You can withdraw from your RRSP, tax-deferred, if the funds withdrawn will be used to buy a house or finance your education.
Home Buyers’ Plan (HBP)
The Home Buyers' Plan allows qualifying participants to withdraw money from their RRSP to buy or build a home without being taxed on the withdrawal. Participants then pay back the money into their RRSP over a specified period of time.
To find out if you qualify, visit the Government of Canada’s Home Buyers' Plan.
To request a withdrawal, complete Form T1036 as per instructions, print sign and mail to:
Outlook Financial
Box 2, Station Main
Winnipeg MB R3C 2G1
Lifelong Learning Plan (LLP)
The Lifelong Learning Plan allows qualifying participants to withdraw money from their RRSP to put towards their education or that of their spouse or common-law partner. Participants then pay back the money into their RRSP over a specified period of time.
To find out if you qualify, visit the Government of Canada’s Lifelong Learning Plan.
To request a withdrawal, complete Form T1036 as per instructions, print sign and mail to:
Outlook Financial
Box 2, Station Main
Winnipeg MB R3C 2G1
IMPORTANT:
- Fixed GICs are not eligible for early redemption and must remain invested until the expiry of the selected term.
- Withdrawals from Cashable GICs (in whole or in part) made prior to the maturity date will earn the early-withdrawal interest rate (1%) on the funds withdrawn, calculated back to the date of deposit. The remainder of the Cashable GIC will continue to earn its regular rate of interest.
- Partial withdrawals from your Cashable GICs are subject to a $1,000 minimum withdrawal amount and a minimum remaining balance of $1,000.
- Your request will be completed within 1 business day of receipt of the completed form. Sign in to online banking to verify your withdrawal.
NOTE: Adobe Reader is required to complete PDF forms, provided by third party, Adobe. You will exit the Outlook Financial website and open a new browser tab by clicking on the following link. To proceed, download the free PDF reader here.
If you don’t currently have a TFSA, RRSP or RRIF plan open with Outlook Financial, we can help you get started.
Complete the form(s) for the plan(s) you wish to open:
TFSA Plan Application Form [PDF]
RRSP Plan Application Form [PDF]
RRIF Plan Application Form [PDF]
If you are opening a new RRIF plan, you will also need to complete the Registered Retirement Income Fund Plan Payment Instructions Form [PDF].
Send your completed and signed forms to:
Outlook Financial
Box 2, Station Main
Winnipeg MB R3C 2G1
Once the plan is open, you will be able to access your accounts through digital banking, where you can invest your funds into a fixed GIC.
Did you know?
If you already have a TFSA, RRSP or RRIF plan with Outlook Financial, you can easily and quickly open an additional GIC online. Visit our Digital Banking FAQs to learn more about opening accounts online.
IMPORTANT:
- Beneficiaries: To assign someone other than your estate as the beneficiary of any of your registered plans, complete the Designation of Beneficiary Form [PDF] and mail in with the rest of your forms.
- Successor Holders (TFSA): If you wish to assign a successor holder and beneficiary for your TFSA, complete TFSA Appointment of Successor and Optional Designation of Beneficiary Form [PDF] and send in along with your TFSA Application.
- Successor Annuitant (RRIF): RRIF Successor Annuitant and Optional Designation of Beneficiary Form [PDF] and send along with your RRIF Application.
- If you would like to transfer in an existing RRSP or TFSA from another financial institution, complete a Direct Transfer-In Form [PDF] and include it with your application.
- Minimum RRIF plan opening balance is $2,000
- To request that Outlook Financial take additional withholding tax from your RRIF payment, please complete the TD1 Form from the CRA and include it with your submission.
- Your plan(s) will be opened within two business days after receiving your application.
NOTE: Adobe Reader is required to complete PDF forms, provided by third party, Adobe. You will exit the Outlook Financial website and open a new browser tab by clicking on the following link. To proceed, download the free PDF reader here.
If you're already a member, you can easily purchase GICs, either non-registered or within your RRSP, RRIF or TFSA plans. You can also make a deposit or contribution to your savings account. To deposit/contribute to a savings account or start a new GIC, you can easily and quickly open a new account with our digital banking. To learn how, visit our support page.
Important Notes:
- Minimum GIC deposit amount is $1,000
- Your deposit will be completed within one business day after receipt of request. Log in to online banking to verify your deposit.
If you would like to add another Outlook Financial account owner(s) to your High-Interest Savings Account or non-registered GIC, simply fill in the Change of Personal Account Ownership Form [LINK TO CHANGE OF PERSONAL ACCOUNT OWNERSHIP FORM – PDF] and send to us at:
Outlook Financial
Box 2, Station Main
Winnipeg, MB R3C 2G1
IMPORTANT:
- All existing account owners must sign the form.
- You cannot add additional account owners to your registered investments. All registered products such as a TFSA, RRSP, RRIF and LIRA are individually owned.
Additional account holder does not have an Outlook Financial account?
Non-members must complete and submit a Membership Application first. Once the new membership has been activated, complete the steps above to add another account owner(s) to your account(s).
To remove an account owner(s) from your High-Interest Savings account(s) or non-registered GIC(s), contact us.
NOTE: Adobe Reader is required to complete PDF forms, provided by third party, Adobe. You will exit the Outlook Financial website and open a new browser tab by clicking on the following link. To proceed, download the free PDF reader here.
