Cash and Security Management
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      Withdrawing from locked-in accounts

      Withdrawals from locked-in accounts are restricted to certain rules and circumstances.

      Withdrawals from Locked-In Retirement Accounts (LIRA) / Locked-In Retirement Savings Plans (LRSP)

      LIRA/LRSP withdrawal exceptions

      Different jurisdictions have different rules for LIRA unlocking other than at retirement. Some reasons are common to more than 1 jurisdiction:

        • Small amounts: If the amount of money you have in your LIRA is considered too small to be useful as a pension, you may be able to unlock it.
        • Shortened life expectancy: If a doctor provides an opinion that you have a terminal illness or disability that will significantly shorten your life, you may be able to unlock the money in your LIRA.
        • Non-residence in Canada: If the Canada Revenue Agency (CRA) confirms in writing that you’re a non-resident of Canada for tax purposes, you may be able to unlock your LIRA.
        • Financial hardship: In some jurisdictions, if you’re facing financial hardship, you may apply to unlock a portion or all the money in your LIRA.
      • If one of these circumstances applies to your client, please refer to the special handling article to learn how to submit these requests.

      Unlocking

      50% unlocking: Depending on your jurisdiction, you may qualify to unlock up to 50% of your LIRA funds and transfer them to a registered retirement savings account (RRSP), or a Retirement Income Fund (RIF)

      Please refer to this article to learn more about unlocking and how to process them.

      Please consult these government pages for the most up-to-date information about the ‘unlocking’ options for your specific account: