Unlocking federally locked-in RRSP | RRSPs and RRIFs | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
sp_Search Search
Advanced Search
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Search Search
Go to Bottom
No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Unlocking federally locked-in RRSP
March 4, 2014
3:32 pm
Winnie
Ontario
Member
Members
Forum Posts: 473
Member Since:
December 7, 2011
sp_UserOfflineSmall Offline
Go to Top
1sp_EditHistory sp_Permalink sp_Print

Hello,

I have a question about unlocking federally locked-in RRSP.

From 2001 I have $35,000 in federally locked-in RRSP.
As far as I understand, it's possible to unlock up to 50% when a person reach the age 55 and over.
Locked-in RRSP issued before May 8, 2008 did not reflect changes to the Pension Benefits Standards Regulations, 1985. Therefore, to unlock my RRSP, I probably will need to purchase a new contract that reflects the amendments to the Regulations, and that will allows unlocking under the new provisions.

Did anybody successfully unlocked 50% of federally locked-in RRSP issued before 2008?
Any advice how to actually do it?

Thank you

March 4, 2014
5:56 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4293
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline
sp_UserWebsite sp_Facebook sp_LinkedIn sp_YouTube
Go to Top
2sp_Permalink sp_Print

Great question, Winnie. This sounds possible and I'm not an expert in how to do such a thing. Hopefully someone here can provide the correct answer, with properly cited hyperlinks. :)

A warning to those looking to reply to Winnie's question: please, do not reply with speculation and innuendo. Please carefully read her question and, if you definitively know the answer, reply with the methods you took and be sure to cite (with direct hyperlinks!) your sources of information. ;)

Hope you receive assistance, Winnie!

Cheers,
Doug

March 4, 2014
7:49 pm
Rick
Member
Members
Forum Posts: 1110
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline
Go to Top
3sp_Permalink sp_Print

Found this on taxtips.ca. Hope it helps.
http://www.taxtips.ca/pensions.....ingrpp.htm

One-time 50% unlocking

Individuals 55 or older will be entitled to a one-time conversion of up to 50% of holdings value into a tax-deferred savings vehicle with no maximum withdrawal limits. If the funds are transferred to the locked-in funds owner's own RRSP or RRIF, this does not require contribution room, and the owner is not taxed until the funds are later withdrawn from the RRSP or RRIF.

No permission to create posts
sp_Feed All RSS
Go to top

Please write your comments in the forum.