AFBS Form 20 – RRSP and TFSA Withdrawal Request

AFBS Form 20 PDF Details

The Actra Fraternal Benefit Society (AFBS) is a not-for-profit organization established to provide life insurance and savings products to Canadian artists, performers, and their families. AFBS operates under federal legislation and offers both Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) products to its members. The AFBS Form 20 is the designated request form for initiating a full or partial withdrawal from these accounts.

Who uses AFBS Form 20: The form is available to any active AFBS member who holds an RRSP or TFSA with the Society and wishes to make a withdrawal. Members must provide a valid membership number and account number. Non-members cannot use this form. Contact AFBS to confirm account status before submitting a withdrawal request.

Information required on the AFBS Form 20:

• Full legal name as it appears on the AFBS account
• Complete mailing address: street address, city, province, and postal code
• AFBS membership number and account number
• Canadian residency status (resident or non-resident) for tax withholding purposes
• Withdrawal type: partial amount or full account redemption
• Fund delivery preference: office pickup in Toronto or Vancouver, or cheque by mail
• Member signature and date of signing

Tax withholding on RRSP withdrawals: RRSP withdrawals are considered taxable income in the year they are received. AFBS is required to deduct withholding tax before issuing payment. Federal withholding tax rates depend on the withdrawal amount and residency status. Quebec residents are subject to additional provincial withholding. Consulting a tax professional before requesting a large RRSP withdrawal can help avoid unexpected tax liability at year end.

TFSA withdrawals: Withdrawals from a TFSA are generally not subject to income tax or withholding tax, since TFSA contributions are made with after-tax dollars. Members who withdraw from a TFSA regain that contribution room the following calendar year, subject to annual limits set by the Canada Revenue Agency (CRA).

Administration fee: AFBS charges an administration fee for processing each withdrawal request. Members should contact AFBS directly to confirm the current fee schedule before submitting the form, as the fee is deducted from the withdrawal amount.

Submitting completed AFBS Form 20: The signed and completed form must be submitted by mail or in person to the AFBS head office in Toronto, Ontario, or the branch office in Vancouver, British Columbia. Processing times vary based on form completeness and current AFBS workload. An unsigned or incomplete form will delay your withdrawal. Members completing other financial account forms may also find our hardship withdrawal request form and our account closure request form collection useful. For retirement-related documents, see our retirement application forms.