How To Get Money From Retirement Plan? 
In Canada , how you get money from a retirement plan depends on what type of plan . If it is a Registered Retirement Plan -LRB- RRSP -RRB- then getting money out is as simple as deregistering and surrendering the plan . You will have to pay tax as the amount will be added to your income . There will be a withholding tax , currently 10 % for up to $ 5,000 , 20 % for $ 5,001 to $ 15,000 and 30 % for over $ 15,000 . If it is a pension plan you can not get money from the plan other than as an income while you are with the company . Depending on circumstances , money from a pension plan is either transferred into a `` regular RRSP '' and can be withdrawn or a `` locked in RRSP '' and usually can not other than as an income . Check with your advisor before you do anything to make sure you are making an informed decision . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local Retirement Planner , you could start with a Google search . For example , if you search for : retirement planner Halifax or retirement planning Halifax , my name , along with several others , will come up . You can use the same method to find Retirement Planners in your community . 