Frequently asked questions
Manulife Bank Investments
To change the beneficiary for your RRSP or TFSA, you'll need to complete the "RRSP, RRIF, or TFSA beneficiary and successor holder/annuitant designation" form found here: Find a Manulife Bank form.
The completed form can be uploaded from within your online banking.
Your TFSA contribution room begins building the year you turn 18, up to your TFSA limit. Here are the TFSA contribution limits each year since 2009, when the TFSA was introduced:
| Years | Annual contribution limit | Cumulative contribution limit |
|---|---|---|
| 2009-2012 | $5,000 | $20,000 |
| 2013, 2014 | $5,500 | $31,000 |
| 2015 | $10,000 | $41,000 |
| 2016-2018 | $5,500 | $57,500 |
| 2019-2022 | $6,000 | $81,500 |
| 2023 | $6,500 | $88,000 |
| 2024 | $7,000 | $95,000 |
| 2025 | $7,000 | $102,000 |
Any contribution room you don’t use each year will roll over into the following year's TFSA contribution limit. Yours is the sum of this year’s limit, unused room from previous years, and any withdrawals made in previous years. Find out how much contribution room you have through the Canada Revenue Agency’s My Account website, MyCRA mobile app, or Tax Information Phone Service.
No, unlike registered retirement savings plan (RRSP) contributions, your contributions to a TFSA cannot be deducted from your income on your tax return. However, your money grows tax-free and, unlike RRSPs, you can take out your money tax-free at any time — one of the best TFSA benefits.
There are three ways you can deposit money into your Tax-Free Savings Account:
- Link an account from another Canadian bank and transfer funds,
- Mail us a cheque,
- Ask your advisor to make your deposit for you.
There are two ways to buy GICs for your Manulife Bank TFSA:
- If you already have a Manulife Bank account, call us at 1-877-765-2265 and we can take your request over the phone
- If you’re new to Manulife Bank, reach out to your advisor (or find a local advisor if you don’t already have one!)
You can access savings in your TFSA account anytime. It's tax-free money you don't have to report as income on your tax return, and there's no withdrawal limit. The amount of your TFSA withdrawal will be added back into your TFSA contribution room in the following calendar year — one of the most flexible TFSA benefits.
It can be attractive to open a TFSA to earn a high TFSA interest rate or a competitive TFSA GIC rate to make the most of tax-tree growth. Knowing whether to put your savings into a Tax-Free Savings Account or another other savings vehicle can require professional expertise. Your advisor can help you decide what’s best for your situation, compare interest rates and how a Manulife Bank TFSA can be worth it.
Each year, you can contribute up to 18% of your earned income, or the annual contribution limit set by the Government of Canada, whichever is lower. If you don't invest the maximum before a given year's contribution deadline, any unused RRSP contribution room rolls over, adding to your RRSP limit in future years.
To find out exactly how much you can contribute, it's best to check the Notice of Assessment that you received after filing your taxes.
You can also visit the Canada Revenue Agency’s My Account website, MyCRA mobile app or Tax Information Phone Service at 1-800-267-6999.
There are three ways you can deposit money into your Registered Advantage Account:
- Link an account from another Canadian bank and transfer funds,
- Mail us a cheque,
- Ask your advisor to make your deposit for you.
There are two ways to buy GICs for your Manulife Bank RRSP plan:
- If you already have a Manulife Bank account, call us at 1-877-765-2265 and we can take your request over the phone
- If you’re new to Manulife Bank, reach out to your advisor (or find a local advisor if you don’t already have one!) so you can take action in time for this year's RRSP contribution deadline.
Unless your RRSPs are in a locked-in plan, you can withdraw funds at any time. However, if you withdraw from your RRSP account, your financial institution must collect an RRSP withholding tax and send it to the government. The rate of that withdrawal tax can vary based on where you live in Canada.
You could take advantage of a government program to withdraw from an RRSP to buy a home or pay for an education, without initially paying a withholding tax. Learn more about the Home Buyers' Plan (HBP) and Lifelong Learning Plan (LLP).
What are you saving for? If you’re unsure of whether an RRSP is suitable for your situation, we can connect you with a trusted advisor to discuss your goals, and the best ways to reach them.
To invest in a Registered Retirement Savings Plan (RRSP), simply start by opening an RRSP account. Then, you can contribute money and choose from investment options to match your goals and risk comfort.
If you're not sure where to start, a financial advisor can help create a plan that works for you! We can connect you.
An RRSP is meant as a savings account to help build your wealth for retirement, and a RRIF is an account that allows you to take your RRSP money and convert it to serve as a source of income in your retirement.
Each year, you must withdraw a percentage of the value of your plan. The percentage increases as you get older. Keep in mind that when you set up your RRIF, you can choose to base minimum withdrawals on you or your spouse’s age.
If your spouse is younger, basing withdrawals on their age means you can keep more money inside your RRIF longer, where it can continue earning tax-deferred interest.
Learn more about RRIFs and withdrawal rates set by the Government of Canada.
No, you can convert your RRSP into a RRIF at any age – but you must do it no later than the end of the year you turn 71.
Manulife Bank GICs are not affected by the ups and downs of equity or fixed-income markets. At the end of your GIC’s term, you will receive your original investment plus interest at the rate set when you invested your money. That certainty helps you plan for the future.
If you already have a Manulife Bank account, call us at 1-877-765-2265 and we can take your request over the phone. If you’re new to Manulife Bank, reach out to your advisor (or find a local advisor if you don’t already have one!)
Yes! You can hold long-term GICs in your TFSA, RRSP, RRIF, and non-registered accounts, and you can hold short-term GICs in an RRSP, RRIF or non-registered account.
Yes, your investment savings account can be held within a variety of registered and non-registered accounts managed by your advisor, including your:
- Tax-Free Savings Account (TFSA)
- Registered Retirement Savings Plan (RRSP)
- Registered Retirement Income Fund (RRIF)
- Deferred Profit Sharing Plan (DPSP)
- Life Income Fund (LIF)
- Locked-in Retirement Income Fund (LRIF)
- Prescribed Registered Retirement Income Fund (PRIF)
- Registered Education Savings Plan (RESP)
No, an investment savings account does not have bank account features such as chequing, ATM withdrawals, Interac® Debit purchases and client-initiated online transactions. Transactions must be executed by your advisor, fees may apply.
No, you can only hold an investment savings account within a dealer account (also known as a “nominee name” or ‘on-book” account), which is a trust account offered through an advisor.