Page 100 - A Canuck's Guide to Financial Literacy 2020

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payments could request to access their Alberta
locked in funds. Nova Scotia
First and Last Month’s Rent & Security Deposit Ontario
Alberta
If you’re looking to secure a place to live, British
you may access your locked in funds by completing applicable forms. Columbia
Medical & Disability Costs Federal
Alberta
The account holder may request a one Ontario
time unlocking in order to cover medical Nova Scotia
costs. A doctor’s note must accompany the unlocking documents.
Non-Financial Hardship Jurisdictions
Small Balance Unlocking Federal
(Restricted by Age & Amount in Alberta
Certain Provinces) British Columbia
Ontario
Small Balance refers to accounts Manitoba
whose total value is less than a certain Saskatchewan
percentage of the YMPE. For example, Nova Scotia
in Ontario, you must be at least 55 years old Quebec
and the value of the account must be less than 40% of the YMPE.
50% Unlocking Federal
(Restricted by Age in Certain Provinces) Ontario
Alberta
You may unlock 50% of the value of your Manitoba
LIRA by opening a LIF & completing the applicable provincial & federal
forms. Once unlocked,
you may transfer 50% these funds into an
RRSP while the other 50% will stay in the LIF.
Shortened Life Expectancy Federal
Alberta
You may unlock your funds if your life British Columbia
expectancy has been shortened due to a Ontario
terminal illness. For example, in Quebec
Ontario, you may withdraw from Manitoba
your account if your life expectancy Saskatchewan
has been shortened to 2 years or less. Nova Scotia
You would need a doctor note and spousal consent. New Brunswick
Non-Residency Federal
Alberta
If you’re a non-resident of Canada and British Columbia
have been so for more than 2 years, Ontario