Tax receipts and slips

If your plan rules allow withdrawals, you may have to pay administrative fees. There could also be penalties; for example, your employer may stop contributing to your plan for a while. Plus, you can’t take out any locked-in money until you retire.

Before you take money out, check your plan’s rules. You can find them in your member booklet by signing in to your Manulife account and going to My account > Member booklets, or you can ask your employer.

When you take money out of your RRSP, a certain percentage will be taken out for taxes. The tax depends on how much you take out and where you live in Canada; for example, if you take out $16,000 and 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 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.

You’ll need to set up a Manulife ID to access your group retirement account.

If you can’t sign in to your account, this guide can help you find the problem and fix it. 

Watch this short video and follow the on-screen instructions as they appear.

You can find your tax receipts and slips online through your secure site and the Manulife Mobile app.

Bookmark this page for information on:

• Where and how to find your tax documents online
• What tax documents we prepare
• When and how they’ll be available
• Key contribution and filing deadlines

Segregated funds can earn money (called capital gains) or lose money (called losses) in two ways:

• Your segregated funds contain securities. When the securities within the funds are sold, the fund will have either losses or gains that it will allocate to you.
• When units of your segregated fund are sold (also called redeemed), you’ll also have losses or gains. The total capital gains or losses allocated by the fund, and from your redemptions, are reported on your T3.

The ACB is your “running cost” and is used to calculate the money you earned (called capital gains) or lost (called losses) when you sell your segregated funds. This is calculated:

• Your original investment + any income or gains allocations you received – any losses or return of capital (ROC) distributions – any redemptions

Don’t worry, segregated fund providers will calculate this for you.

Your tax slip will include your capital gains or losses related to sales/redemptions during the year, plus and gains and losses allocated to you from the fund. If you hold more than one fund in your account, the results are aggregated for all funds on one T3 slip. For more specific information details, you may need to check your transaction details online or speak to a tax professional.