In 1999 when Bill 27 was passed by the Conservative Government of Ontario they had just got $800,000 to $1 million in locked-in benefits of which they granted themselves (ONLY) the right to unlock it. They then gave to rest of Ontario residents peanuts, or:<br /> <br /> Conditions for unlocking an Ontario LIF/LIRA/LRIF <br /> <br /> Shortened life expectancy pay out <br /> <br /> The LIF owner must complete an application to a Financial Institution to Withdraw Money From an Ontario LIRA, LIF or LRIF. The Physician's Statement section of the form must be completed by a physician or a separate written certificate must be provided, signed by the physician. It must state that the physician is licensed to practice medicine in Canada and that the LIF owner has an illness or physical disability that is likely to shorten his/her life expectancy to less than two years. If a spouse exists, a spousal waiver is also required. <br /> <br /> Financial hardship pay out <br /> <br /> The LIF owner must apply directly to the Financial Services Commission of Ontario (FSCO) using the appropriate one of the two following forms: - Application to the Superintendent Of Financial Services For Consent to Withdraw Money from an Ontario LIRA, LIF, or LRIF Based on Financial Hardship - Application to the Superintendent Of Financial Services For Consent to Withdraw Money from an Ontario LIRA, LIF, or LRIF Based on Low Income Financial Hardship. To qualify for this withdrawal, the LIF owner’s expected total income from all sources before taxes, for the twelve-month period following the date the application is signed, must be less than two-thirds of the Year’s Maximum Pensionable Earnings (YMPE) for the year (two-thirds of $42100 as of 2006). In addition, one who has previously redeemed locked-in funds due to low income is not eligible for further withdrawals of this nature for a twelve-month period following the date the last successful application was signed. A fee of 2% of the requested withdrawal amount is imposed by the FSCO for each separate successful application, with a minimum fee of $200 and a maximum of $600. <br /> <br /> Marriage / relationship breakdown transfer <br /> <br /> Up to 50% of the fund value may be transferred to a locked-in account for the former spouse or same-sex partner. A court order or domestic contract along with the completed Form T2220 - Transfer from an RRSP or a RRIF to another RRSP or RRIF on Breakdown of Marriage or Common-law Partnership is required to support the transfer. <br /> <br /> <br /> Survivor's benefit transfer <br /> <br /> Fund value may be transferred to the surviving spouse or same-sex partner - locking-in not required. If there is no surviving spouse or same-sex partner, funds are paid out in a lump sum to the designated beneficiary or estate. A spouse living separate and apart from the LIF owner at date of death is not entitled to receive the value of the property in the LIF. <br /> <br /> <br /> Small balance pay out <br /> <br /> For a LIF owner age 55 or older, whose total value of all locked-in monies regulated by the Ontario Pension Benefits Act, is less than 40% of the YMPE in effect for the year of application (presently $42100 x .4 = $16840), the funds can be paid out or transferred to a RRIF or RRSP. The LIF owner must complete an application to a Financial Institution to Withdraw Money From a LIRA, LIF or LRIF. The consent section must also be completed if the LIF owner attests that his/her spouse or same-sex partner consents to the withdrawal of funds.<br /> <br /> *******************************<br /> <br /> The present Honorable Federal Finance Minister is an ex MPP from Ontario.<br /> <br /> WILL HE DO THE honorable THING AND ALLOW all CANADIANS TO UNLOCK THEIRS???????<br />

   

MPPs in Ontario are crying they have no pension. Excuse me!<br /> <br /> Ontario Conservatives gave themselves nice lump sums as a locked-in RRSP, then promptly allowed themselves (ONLY) to unlock them. Now the Federal Conservatives have voted themselves fat increases.<br /> <br /> Will they do the Honorable thing and Unlock our money?<br /> <br /> I no longer live in Canada so do not get any benefits. Our son just spent 8 days in intensive care in the hospital here with pneumonia and Dengue. We thought he was going to die when we had to get Blood Plasma brought in from another city (fortunately I contacted a friend who was on his way here from that city). We had to Fax Red Cross the Prescription for him to pick up.<br /> <br /> It would be nice to be able to access MY money when I need it, not handed out like we are children. Grrrr.<br /> <br /> You can also join: ca.groups.yahoo.com/group/Locked-in_RRSP<br /> and get involved in these or other petitions that may be needed.