Can I withdraw money from Sun Life?


Editorial team Published on

Yes, you can withdraw money from Sun Life, but the process and rules depend entirely on the type of product or account you have.

✅ How to Withdraw by Account Type

  • 📅 TFSA (Tax-Free Savings Account): Withdraw anytime tax-free; log in to my Sun Life to submit.
  • 🗓 RRSP (Registered Retirement Savings Plan): Withdraw anytime, but it counts as taxable income and triggers withholding taxes.
  • 📊 Life Insurance Cash Value / VUL: Make partial or full withdrawals, but this reduces your death benefit or risks policy termination.
  • ⚠️ Locked-in Pension Funds (DCPP/LIRA): Generally cannot be withdrawn in cash before retirement age except under rare, specific regulatory exceptions.

💡 General Steps to Withdraw

  1. Sign in: Access your account via the my Sun Life online portal or mobile app.
  2. Select the plan: Navigate to your investments or specific policy page.
  3. Choose transaction: Select "Make a change" or "Withdraw" and designate your receiving bank account.