EQ Bank Retirement Savings Plan Agreement

By completing the online application to open a Retirement Savings Plan (RSP) with EQ Bank, you understand and agree to be bound by the terms and conditions below and agree to receive all communications and documents related to your RSP in electronic format.


Terms not otherwise defined in this document shall have the following meanings:

Act means the Income Tax Act (Canada), and the regulations thereto, both as amended from time to time.

Agreement or RSP Plan Agreement mean this Retirement Savings Plan (RSP) Agreement.

Annuitant has the meaning given to it in the Act. 

Application means the online application completed by you for a Retirement Savings Plan issued by Equitable Bank.

Equitable Bank, EQ Bank, we and us mean Equitable Bank.  EQ Bank is a tradename of Equitable Bank.

Maturity Date means December 31st of the year in which the Annuitant reaches 71 years of age.

Plan means the EQ Bank Retirement Savings Plan established in accordance with your Application.

Retirement Income has the meaning given to it in the Act.

You and your mean the Annuitant named in the Application.


By completing the Application, you are requesting us to register the Plan with the Minister of National Revenue as a Registered Retirement Savings Plan pursuant to Section 146 of the Act and, if applicable, any income tax legislation of the province provided in your Application.  For this purpose, you confirm that the Social Insurance Number, date of birth and address noted in your Application are correct.  Equitable Bank hereby agrees to act as your depositary for the Plan. 


Cash contributions (“Contributions”) to your Plan may be made by you before the Maturity Date.  Spousal contributions are not permitted.  Contributions made under the Plan will be kept on deposit and are subject to any minimum amounts we may establish from time to time and to the terms and conditions of any applicable Investment Option. We reserve the right, at any time, to discontinue a particular Investment Option, to limit the amount which may be invested or reinvested into your Plan or any Investment Option, or to limit or refuse to accept a Contribution or any part thereof for credit to your Plan. 

Contributions will only qualify for tax exemption if made in accordance with Section 146 of the Act.  It is your responsibility to ensure that Contributions do not exceed the maximum amount permitted.  In cases where you over-contribute to your Plan, you may request, in writing, that we refund an amount to reduce the tax that would otherwise be payable under Part X.1 of the Act.  It is your responsibility to determine the amount of this refund.  In the absence of any direction by you, we may, in our sole discretion, liquidate any investments held under your Plan in order to provide the refund.  Refunds made pursuant to this section will be subject to the terms and conditions of any applicable Investment Option. 


Contributions to your Plan may be invested by you in the following investment options (each, an “Investment Option”).  We reserve the right to offer additional Investment Options or to limit the Investment Options available to you.  

  1. Savings Account (“RSP Savings Account”)

    Contributions made to your RSP Savings Account will earn interest at such rates and on such terms as may be established by us from time to time. We guarantee the repayment of Contributions made pursuant to this Investment Option and the interest earned thereon, subject to this Agreement. Please note that an RSP Savings Account will be opened at the time you complete your Application, regardless of whether you choose to make Contributions to that particular Investment Option.

  2. Guaranteed Investment Certificate (“RSP GIC”)

    Contributions made to a RSP GIC will be non-redeemable and may be invested based on fixed term options made available from time to time. Subject to this Agreement, we guarantee the repayment of Contributions invested in a RSP GIC. Interest earned on such Contributions will be credited at such times and on such terms as we may establish from time to time. 

We will:

  1. maintain an account for the Annuitant which will record particulars of all contributions to the Plan and your Investment Options; and
  2. prepare and forward to the Annuitant such receipts, other forms, documents and information as may be required to be provided by the Act.


You may request to withdraw funds from your Plan prior to the Maturity Date.  This request will be subject to such notice period as we may from time to time require as well as the terms and conditions of any applicable Investment Option. 


Your Plan will mature on the Maturity Date.  You must contact us prior to the Maturity Date to discuss the transfer of Plan proceeds out of the Plan.  On the Maturity Date, or such earlier date as instructed by you, Plan proceeds may be (i) withdrawn from the Plan, (ii) used to purchase an annuity eligible as Retirement Income, or (iii) transferred to a Registered Retirement Income Fund with an issuing institution. 

Failure by you to provide us with sufficient instructions at least 45 calendar days before the Maturity Date may result in us deregistering your Plan and paying to you a lump-sum cash payment of Plan proceeds, less all taxes we are required to withhold.  

Where Plan proceeds are used to buy an annuity, the annuity:

  1. must not be capable of being assigned in whole or in part;
  2. may be commuted in full or in part;
  3. must be commuted if it becomes payable to a person other than the Annuitant or, after the Annuitant’s death, the Annuitant’s spouse or common-law partner;
  4. must require that all payments to the Annuitant be equal annual or more frequent periodic payments until there is a full commutation of the Retirement Income; and
  5. must otherwise comply with the Act.

Equitable Bank does not offer annuities or Registered Income Funds.

The Plan does not provide for periodic payments in a year under an annuity after the death of the first Annuitant, the total of which exceeds the total of the payments under the annuity in a year before that death.


Fees applicable to your Plan shall be disclosed to you in writing (i) at the time you completed your Application, or (ii) in the case of a new or revised fee, 60 calendar days before the new or revised fee takes effect.  Fees are subject to change from time to time.


Upon your written direction, we shall transfer all or any part of the property held under your Plan (or an amount equal to its value) to a Retirement Savings Plan you hold with another financial institution. 


You may request to terminate you Plan by contacting us.  Termination will be subject to the completion of any outstanding transactions. We will pay to you the balance of your Plan, subject to the terms of any applicable Investment Option, less any amounts withheld, within 30 calendar days of receiving notice from you that you wish to terminate your Plan. 


You certify that the date of birth you provided in your Application is true and agree to provide us with any evidence we may request at any time to further confirm this date.


If the laws of your province of residence allow, you may, subject to such laws, designate any one or more persons to receive the remaining proceeds of your Plan as a lump sum payment in the event of your death (a “Designated Beneficiary”). Such designation may be made, changed or revoked by you before your death by will or by written instrument in a form acceptable to us (an “Instrument”).


If the Annuitant dies before the Maturity Date, we will, in accordance with the most recently dated Instrument we have in our records and once we have received all documents we require, pay the proceeds of the Plan, less any withholdings, to your Designated Beneficiary.  In instances where there is no Designated Beneficiary, or where the Designated Beneficiary’s death has preceded that of the Annuitant, Plan proceeds, less any withholdings, will be paid by us to the legal representative of the Annuitant.  Once the above payment has been made, Equitable Bank will be considered fully discharged from any further liability with respect to the Plan. 


Equitable Bank shall in no way be liable for, or in respect of, any taxes, interest or penalties which may be imposed on it in respect of your Plan, whether by way of assessment, reassessment or otherwise, or for any other charges imposed by a governmental authority, other than taxes, interest, penalties or charges imposed on us under the Act, as a result of payments made from your Plan, the purchase, sale or retention of any investment, or otherwise. You and your heirs, executors and administrators shall at all times indemnify and hold Equitable Bank harmless in respect of any such taxes, interest, penalties or charges. 


Equitable Bank shall in no way be liable for, or in respect of, any losses suffered or incurred by your Plan, or by you or any beneficiary relating to your Plan, caused by or resulting from any purchase, sale or retention of any investment, unless such loss is caused by or results directly from our dishonesty, bad faith, wilful misconduct, gross negligence or reckless disregard.


We will not use the property held under the Plan to offset any debt or obligation owed by you to us.  We may, however, subject to the applicable agreement(s), use the property held under any other account you have with us to offset any debt or obligation you owe us relating to your Plan.


Property held under your Plan may not be pledged, assigned or in any way alienated as security for a loan or for any purpose other than to provide you with a Retirement Income.  


Except as otherwise permitted by the Act, no advantage that is conditional on the existence of the Plan may be extended to the Annuitant or a person with whom the Annuitant does not deal with at arm’s length.


We may, from time to time and at our discretion, amend, modify or revise the terms and conditions applicable to your Plan by giving you at least 30 calendar days’ written notice, provided that any such amendments, modifications or revisions do not have the effect of disqualifying the Plan under the Act or any provincial legislation to which you are subject. 


Unless otherwise agreed to by us, any communication given by you to us under this Agreement must be delivered or mailed, postage prepaid, to our Toronto, Ontario office.  Such communication shall be deemed delivered on the day it is received by us. You understand and consent to the electronic delivery of notices and documents for your Plan in accordance with our Consent for Delivery of Electronic Documents. We reserve the right to provide you with notices and documents by paper delivery if we are unable to provide electronic delivery, have reason to believe you may not have received the notices and documents, or if we, in our sole discretion, otherwise consider it appropriate. Any paper delivery will be provided to you at the most current mailing address that we have on file for you. 


This Agreement is binding on you and your heirs, successors and legal representatives.


We are committed to delivering a high standard of service to our customers. If you have a concern or a complaint about your Plan or any service we provide, we want to hear from you so that we can try to make things right as quickly and efficiently as possible. Our Customer Complaint Handling Procedures set out full details of our process and are available on our website (eqbank.ca) and in our offices.


By completing the Application, you consent to the collection, use and disclosure of your personal information in accordance with EQ Bank's Privacy Agreement. The Privacy Agreement may be amended or replaced from time to time and we will post the revised Privacy Agreement on our website (eqbank.ca). The Privacy Agreement forms part of this Agreement, and your acceptance of the terms of this Agreement indicates that you also agree to the terms of the EQ Bank Privacy Agreement.  It is important that you review our Privacy Agreement carefully prior to opening a Plan. We reserve the right to comply with any third party demands which have been issued under federal or provincial legislation, or any court order we receive in respect of your Plan. You agree that we will not be liable to you in any way for complying with any such third party demands or court orders issued on or against your Plan.


The Plan is not available to residents of the province of Quebec.  If you become a resident of Quebec after you open your Plan, we reserve the right to require that you transfer Plan proceeds to another issuing institution, after which time we may deregister your Plan.


This Agreement shall be governed and construed in accordance with the laws of the province in which you reside and the laws of Canada applicable therein.  If you do not live in Canada, the laws of the Province of Ontario and the laws of Canada applicable therein shall apply.


We may resign as your depositary for the Plan at any time by delivering 60 calendar days' notice of our resignation to you. In the event of our resignation, you shall appoint a successor issuer who shall be acceptable to us. We shall deliver the property comprised of the investments within the Plan and all related records and documents, and shall execute all such deeds and assurance and do all such things as may be required in order to ensure the continued and uninterrupted operation of the Plan. Should you neglect or refuse to appoint a successor issuer who shall be acceptable to us, we reserve the right to transfer to you the property held under your Plan (or an amount equal to its value) as a withdrawal from your Plan.

EQ Bank Contact Information

Should you have any further questions about a RSP Plan, please contact us by telephone or email as set out below.

Toll Free Phone: 844-437-2265 (844-4EQ-BANK).

Email: contact@eqbank.ca

You can find more information about us and about our products on our website at: www.eqbank.ca

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