Frequently Asked Questions

shayne house 203474 unsplashWill I get a tax slip from SEAMARK to use in preparing my annual tax return?
You will receive contribution and withdrawal slips annually, when either of these actions occurs. The forms will also be posted to your member portal.

Can I transfer other RRSP (and/or Locked In RRSP) money to SEAMARK to manage?
Yes; contact your SEAMARK customer service representative to obtain information on how to do so.

What happens to my benefits if my marriage ends?
The value of your Member account accumulated during the period of your marriage may be split between you and your former spouse as part of the division of assets. You should consult a lawyer about the laws governing this situation and the options available to you and your former spouse. Your former spouse cannot receive more than 50% of your account.

Can I use the funds in my Group RRSP Account to put a down payment on a house?
The Government of Canada’s Home Buyers Plan (HBP) allows a first-time home buyer to withdraw up to $25,000 from you RRSPs to buy or build a qualifying home for yourself. Generally, you have up to 15 years to repay your RRSP. For the complete set of HBP rules, please visit the Government of Canada website.

Are my assets protected from creditors if I declare personal bankruptcy?
RRSP assets are protected if you declare personal bankruptcy.

What happens if I'm taking a leave from work?
Talk to your Plan Sponsor. Different rules may apply to different types of leaves.

Can I withdraw cash or transfer assets while employed?
Yes. Cash withdrawals are taxable and are added to your employment income to determine the income tax rate applicable. A transfer to another registered account is not subject to tax.

Where can I get more information about RRSPs?
The Government of Canada’s website is a comprehensive resource. To find out more about RRSPs, visit: