63 responses

  1. moe
    January 22, 2017

    can i withdraw from my lira account to pay revenue canada?

    Reply

    • Christina
      February 22, 2018

      Hi
      Yes you can apply. This would be one of the circumstances for financial hardship of debt repayment.

      Reply

  2. sureshbhaneja
    February 11, 2017

    Hi Mike Great info on unlocking of lira account. my wife has 85k in the LIRA and has RRSP as well still working and 68yr young.Can you please guide us through how to unlock LIRA funds.We would appriciate your help. Thank you very much. suresh

    Reply

    • Christina
      February 22, 2018

      Since you are over age 55 you can withdraw or dransfer out your funds.

      Reply

  3. Jay Parker
    December 15, 2017

    I am under 55 but my household income is well under 33000 a month with two kids. What is avaliable to me.

    Reply

    • Christina
      February 22, 2018

      Yes you can apply for financial hardship unlocking. Fill out the form from the government website.

      Reply

  4. M. Langlois
    March 4, 2018

    Hi,
    I have just turned 55 and attempting to access my locked-in assets for the one-time 50% unlocking permitted. 5 years ago, I left the federal public service. When these assets are transferred from federal locked-in assets to Ontario Restricted LIFs, are the assets considered provincial jurisdiction or remain federal? The federal government reps are telling me that once I transferred the federal funds to my Sprott acct (provincial Ontario), they no longer have any jurisdiction – however I cannot find this in writing anywhere. The Ontario administrator has coded this as federal funds even after the transfer and this is denying any access I may have to unlocking $$. Can you clarify/confirm this info?

    Reply

  5. Stephen Winter
    May 4, 2018

    I am aged 62 and will be 63 on October 26, 2018. I have an RRSP with my company Canadian Tire. I only work three days a week but have been told l cannot access any of the money until l quit my job.

    I also have a LIRA from money from a former employer than went out of business many yrs ago. I would like to access these funds that are held by a financial institution and wonder if the financial institution does all the paperwork?

    I also owe revenue Canada $1061 and l do not have money to pay this and wanted to use part of the LIRA to pay this money and well as use it to live on those l am still working three days a week.

    Thankyou for any information you can give me.

    Reply

  6. James
    February 2, 2019

    Are you able to take money out if you still work for the company that you started the plan with? Seems I being told as long as I work for the company I can not touch the money.

    Reply

  7. Ashfaq
    March 5, 2019

    I am 68 years of age and have a Ontario LIRA balance roughly $32K I do not fall under any category but I want to withdraw or transfer this to LIF and take out maximum amount in the first go and then maximum annual withdrawals. How do I go about it and what form should I fill out to achieve this
    Thanks

    Reply

  8. Darren
    August 2, 2019

    I have a lira fund with my bank I tried to access money and was denied my debt is to much forced to move back with my parents I’m barely getting by

    Reply

  9. Suresh bhaneja
    August 29, 2019

    Hi Mike Great info on unlocking of lira account. my wife has 110K in the LIRA and has RRSP as well still working and 71 years young. Can you please guide us through how to unlock LIRA funds because December 31st 2019 is the deadline. We would appriciate your help. Thank you very much. suresh

    Reply

  10. Walter martins
    March 6, 2020

    Im 53 going though bad time i got people to pay and collcetor after me and not able find full time work .how do i unlock up my money im in really deep hard times .i got lockin rrsp lira

    Reply

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