Manage my money

1 Sign in to your Manulife account.

2 Go to My account > Make a withdrawal and follow the instructions. You can take out up to $50,000 online. Check your member booklet to see if there are any restrictions on how much money you can take out. You can find this booklet online by signing in to your Manulife account, then going to My account > Member booklets, or by contacting your employer. If the money is in a locked-in account, you can’t use the money until you retire. Some examples of common locked-in accounts include Locked-in Retirement Accounts, Life Income Funds, and some pooled registered pension plans.

Note: The fastest way to get your money is to request a withdrawal online. Make sure your banking information is accurate so we can deposit the money directly into the right bank account.   

You must return a voided cheque or bank verification letter that matches the instructions you’ve entered so we can validate your bank details.

We compare the address on our files to the address shown on your cheque. Any differences may cause a delay as we verify your accurate address information. 

Note: The fastest way to get your money is to request a withdrawal online. Make sure your banking information is accurate so we can deposit the money directly into the right bank account.   

You must return a voided cheque or bank verification letter that matches the instructions you’ve entered so we can validate your bank details.

We compare the address on our files to the address shown on your cheque. Any differences may cause a delay as we verify your accurate address information. 

Mailing us a paper form will take longer to receive and process—it could more than double the time it takes to move your money into your account. If you don’t complete the form correctly or if you don’t provide all the required information, we’ll email or mail the form back to you for correction. Check your spam and junk folders for our emails to make sure you don’t miss any messages. To find the paper withdrawal form, sign in to your Manulife account and go to Tools and resources > Plan resources > Forms. The form is called “Withdrawal Request,” or you can download the form here.

Some plans don’t allow you to request a withdrawal online. If you don’t see this option, use the paper withdrawal request form. Sign in to your Manulife account and go to Tools and resources > Plan resources > Forms. The form is called “Withdrawal Request,” or you can download the form here.

1 Sign in to your Manulife account.

2 Go to My account > Make a withdrawal and select the second option, Transfer to Another Financial Institution. You can transfer up to $50,000. Check your member booklet to see if there are any restrictions on how much money you can transfer. You can find this booklet online by signing in to your Manulife account, then going to My account > Member booklets, or by contacting your employer. If any accounts are locked in, you might not be able to complete a transfer. 

Depending on your plan rules, if you make a withdrawal, it may result in a penalty; for example, your employer may stop contributing to your account if you take money out. Check your member booklet or contact your employer to confirm your plan’s rules. You can find this booklet online by signing in to your Manulife account, then going to My account > Member booklets, or by contacting your employer.  

If there’s locked-in money, those funds might not be available for withdrawal until retirement.

A withdrawal is when you take money out of your retirement account and it’s sent to your personal bank account as a cash deposit (or you receive the amount as a cheque). The amount you get will have taxes taken out. The amount you receive will be added to your taxable income. A transfer out is when you take the money from your retirement account and move it to another retirement account at a different financial institution, such as your local bank. If you move your RRSP to another registered product, you don’t need to worry about tax implications. You won’t be taxed and won’t receive a tax receipt. 

The fastest way to get your money is to complete your withdrawal online; however, if you want to take out more than $50,000, you’ll need to use the paper form. You’ll also need to use a paper form for things such as the Home Buyers’ Plan and the Lifelong Learning Plan. You’ll find those forms on the Canada Revenue Agency website.

Completing the request online is the fastest way to withdraw money. Make sure your banking information is accurate so we can deposit the money directly into your bank account.

Sending a paper form will take longer to receive and process. If you don’t complete the form correctly or don’t provide all the required information, we’ll email or mail you a notification for correction. Check your spam and junk folders for our emails to make sure you don’t miss any messages.

Note: We don’t accept withdrawal requests or instructions over the phone.

If you completed your request online

• Within 3 business days, your request will appear in the Transaction history section of your online account. You can see these transactions on the homepage, as soon as you sign in to your Manulife account, under the My activity heading.
• It can take up to 10 business days to receive your money.
• The money is deposited directly into your bank account.

Note: If you don’t see your request in your transaction history or you don’t receive your money within the time stated above, please call us at 888-727-7766.

If you mailed a paper form to Manulife

• If your form is completed correctly, you can expect a cheque in the mail in about 10 business days. You can get your money faster by asking for direct deposit to your bank account. 
• We’ll need to reject and cancel your form if information is missing or incorrect.
• If you don’t receive a cheque or a returned form within 15 business days of mailing your request, check the Transaction History section of your online account. You can see your withdrawal transaction listed once it is processed and sent through to your bank. It may take a few days for your money to process. If you do not see the transaction within the time stated above, please call us at 888-727-7766.

Please complete all the information on the form so we can process your request. The most common missing information is:

• Invalid signatures (missing signatures, can’t read signatures, or signature type isn’t accepted); if you’re using a digital signature, you need to use a certified digital signature tool such as PandaDoc
• Missing policy number and/or name
• Missing unique member ID (membership number, customer number)
• Incomplete or inconsistent instructions
• Missing required forms
• Missing spouse’s consent for irrevocable beneficiaries
• Conflicting instructions—having both the cash withdrawal and the transfer out section completed (only one section should be filled out)
• Missing withdrawal amount when selecting partial withdrawal
• Requesting a transfer in kind for a policy that isn’t a stock account
• Requesting a withdrawal amount over the maximum of 95% of your total balance (market movements could reduce the value of your account as we’re processing your withdrawal, so you can’t request more than 95% of the total amount to ensure your account is covered if a market drop occurs)

Think of vesting as a length of time—for example, six months—that you become entitled to the money your employer added to your savings, known as employer contributions. For more information, check your member booklet for your plan’s details, or for general information, read our article that explains vesting.  

If you’re thinking of taking money out of your Registered Retirement Savings Plan (RRSP), make sure you have the facts, including RRSP withdrawal rules:

• When can you withdraw from your RRSP?
• Maximize your RRSP benefits: why early withdrawals could bring headaches later

• When you take money out of your RRSPs, a certain percentage will be taken out for taxes. The tax depends on how much you take out and where in Canada you live; for example, if you take out $16,000 and you live in Ontario, the tax rate is 30%, so you’ll only receive $11,200.
• The money you take out of your RRSP is also added to your taxable income; for example, if your salary is $75,000 per year and, as in the example above, you take $16,000 out of your RRSP, your income will now show as $91,000. This could cause you to pay more at tax time. 

• Besides taxes, when you withdraw money from your RRSP, your contribution room stays the same. The amount you take out won’t create additional contribution room; for example, if you take $10,000 out of your account, you can’t add the money back in later to replace it—that room is gone for good.
• If you take money out of your account, you’ll miss out on potential investment growth. 

• Get financial advice
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In general, the process takes about 4 business days if you have direct deposit set up on your account.

• If your stock withdrawal request is received before 12:00 P.M., Eastern time, your shares will be sold on the same trading day.
• If your stock withdrawal request is received after 12:00 P.M. Eastern time, your shares will be sold on the following trading day.
• The sale of shares takes two business days from the trade date to settle.
• Payment is released only once the transaction settles. This means you’ll get the money on or after the third business day from the trade date by direct deposit to your bank account or by cheque to the address provided.
• While your withdrawal payment(s) is being processed, you’ll see a pending transaction(s) in your account online.

Example

1 You request a share withdrawal at 11:30 A.M., Eastern time, on Tuesday, February 17.

2 Manulife reviews the information and submits the share sale on the same day.

3 Processing takes place over the next three business days, from Wednesday, February 18, through Friday, February 20. This is known as the settlement period.

4 Your payment will be sent on Monday, February 23. You’ll either see cash in your bank account or a cheque will be mailed out to you. 

• If you’re requesting over $50,000, you’ll need to use a paper withdrawal form.
• If your plan doesn’t allow for online withdrawal, you’ll need to use a paper form. Most stock plans have a custom withdrawal form. To find the custom form for your stock plan, sign in to your Manulife account and go to Tools and resources > Plan resources > Forms. Under Available forms, choose Show Custom Forms.

Note: You can’t choose a specific time of the day to sell shares.

Stocks sold won’t receive the closing share price for that day.

A change in the stock price during the settlement period won’t affect the price you get for the shares.

You must own the other plan that you’re moving money to.

1 Sign in.

2 Go to Forms under Tools and resources > Plan Resources and download the withdrawal form. Follow the instructions to fill out the relevant sections.

3 Go to Tools and resources > Send documents to submit your completed form or use the mailing instructions on the form.

Get advice
Before making any major changes to your plan, we recommend speaking with a financial advisor. If you don’t have an advisor, you can request a meeting with a Manulife advisor.

What’s the difference between a direct transfer and a withdrawal?
A direct transfer is typically a transfer of assets from one type of retirement plan or account to another and is facilitated by the financial institutions involved in the transfer, while a withdrawal is removing funds from your plan into your general banking account.

Can I transfer funds to Manulife from a retirement account with another financial institution?
Yes, if you’re looking to consolidate your assets with Manulife, we can help you. Fill in the consolidation form and we’ll contact you to help you through this process.

What if I have questions about managing my RRSP and/or other plans?
You can contact us for any questions about your account or consult your financial advisor.

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1 Sign in to see your account balance on the homepage.

2 To see details for each plan, click on the Details link for that plan or go to My account > Account balance.

3 To see rates of return, click on the Personal Rates of Return link on the homepage or go to Manage my investments > My investment performance.

1 Sign in to the Manulife Mobile app on your phone or tablet to see your balance for each plan on the home screen.

2 Tap Returns at the bottom of the screen to see the rates of return and the details of your investments.

Check your account regularly
Make it a habit to check your investments regularly. Monitoring performance can help you make timely adjustments to make sure you stay on track toward your goals.

Understand your statement
Take the time to understand your account statements. Look for key information, such as your current balance, recent transactions, fees, rate of return, and the change in value of your plan since the last statement.

Get advice
Regularly consult with a financial advisor to review your portfolio’s performance and make necessary adjustments. An advisor can suggest strategies tailored to your goals.

Stay informed
Keep an eye on market trends and economic news. This can help you make informed decisions about your investments.

How often should I check my retirement account?
We recommend checking your account performance at least quarterly, although you may want to check it more often during times of market fluctuations.

What should I do if I notice a significant drop in my account value?
A professional can provide guidance. Consult with a financial advisor to understand the reasons behind the drop and discuss what adjustments you could make.

How do I update my investment strategy?
Work with a financial advisor to review your current strategy and adjust it based on the performance of your investments, your risk tolerance, and your goals.

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Change the funds you picked for the money that’s already in your plan. This is sometimes called a fund transfer.

If your plan lets you change your funds online:

1 Sign in.

2 Go to Manage my investments > Change my investments > Transfer between investments. Keep in mind:

• You can transfer a dollar amount or a percentage of the gross amount available.
• Percentages must be in whole numbers.
• The lowest amount you can put into any one fund is 5%.

Generally, if we get everything we need by 4:00 P.M., Eastern time, on a business day, we change your funds that same day; otherwise, we change them the next business day.

1 Fill out a form for the plan you want to change your funds for.

• Fund transfer request—RRSP, TFSA, LIRA, RPP, NRSP
• Fund transfer request—RRIF, LIF, LRIF, PRIF, RLIF

2 Send us the form you filled out. Sign in and go to More account options > My Account > Send documents or use the mailing instructions on the form.

Change the funds you picked for the money you’re going to put in your plan (future contributions). This is sometimes called changing your investment instructions.

1 Sign in.

2 Go to Manage my investments > Change my investments > Change my investments. Keep in mind:

• Percentages must be in whole numbers.
• The lowest amount you can put into any one fund is 5%.

If we get everything we need by 4:00 P.M., Eastern time, on a business day, we change your investment instructions that same day; otherwise, we change them the next business day.

Find out if you can change your funds
To find out whether you can change your funds, sign in and go to My account > Member booklets.

Review your investment objectives
Before making changes, review your retirement investment strategies, investment goals, risk tolerance, and time horizon. Make sure any changes fit your financial plan.

Get advice
Consult a financial advisor to make sure that changing your funds is right for you. An advisor can provide insight into market conditions and tax implications and help you make informed decisions. If you don’t have an advisor, you can request a meeting with a Manulife advisor.

What should I consider before changing my funds?
Consider your investment objectives, risk tolerance, potential fees, tax implications, and the performance of the new funds. Consulting a financial advisor can help you evaluate these factors thoroughly.

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Your account statements are available online. To access your online statement, follow the steps below.

1 Sign in.

2 Click the View My Statements link on the homepage or go to My account > Statements.

3 View or print your account statements.    

1 Sign in to the Manulife Mobile app on your phone or tablet.

2 Tap your name.

3 Tap View statements.

Review regularly
Make it a habit to review your financial statements as they become available to stay informed about your plan(s), account balances, investments, and overall financial health.

Verify information
This is a good opportunity to check important details, such as your beneficiaries, investment instructions, and investor profile, and review any messages from your employer or Manulife.

Understand key metrics
Familiarize yourself with key metrics and terms on your statements, such as account balances, interest earned, fees, and rate of return. This helps you better understand your financial situation.

How often should I check my statements?
You get a statement at least once a year, sometimes monthly, quarterly, or semiannually, depending on your plan. Review your statements as soon as they become available to stay on top of your plan.

How can I access my statements?
You can access your statements on your secure site or your Manulife Mobile app. You can also choose to receive your annual statement by mail.

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