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There are some instances where you can access funds early
Once approved, applicable tax will be withheld as if Blair withdrew funds from an RSP. Blair cannot re-apply for further fund access for 12 months. Hopefully, Blair’s outlook for income will improve so he can meet his lifestyle needs, keep up with mortgage payments and recover the savings that was lost.
Remember that the unlocking provisions for LIRAs fall under provincial jurisdiction and are slightly different from province to province.
Taxtips.ca does a good job of describing these different unlocking rules in each province.
Ask an Expert: Leave your retirement question for Tom Feigs » Tom Feigs is a fee-for-service financial planner, money coach and retirement planning expert based in Calgary, Alberta. More questions answered: Should I dip into my RRSP while on maternity leave? » What’s the best month to retire? » Do I qualify for the pension tax credit? »Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
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