Please find below the details of the withdrawal policy from a GRSP account:
As long as you are employed:
- You are allowed to one discretionary withdrawal per year
- You are allowed an additional withdrawal within the same year if it is for a Home Buyers Plan (HBP) or Lifelong Learning Plan (LLP).
- Exceptions can be granted based on compassionate grounds. Your employer will be asked to approved those exceptions.
If you wish to proceed with a withdrawal request, please follow the instructions here.
Once the employee leaves the company:
- The assets held in the GRSP account will be transferred to a personal RRSP account at Wealthsimple. The leaving employee is then free to withdraw the money, or keep it at Wealthsimple. More details here about the off-boarding process.