Page 94 - A Canuck's Guide to Financial Literacy 2020

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the maximum withdrawal. CANSIM stands for Canadian Socio-Economic Information
Management. According to Government of Canada, the CANSIM rate is set monthly and is
based on that month’s average rate for long term Government of Canada bonds. To
determine your maximum withdrawal rate, it’s advisable to contact your financial institution.

Withdrawing Above the Maximum Amount

If you’re looking to withdraw above the maximum amount of your LIF, you may have to
complete applicable forms and meet certain requirements that vary province by province.
As each province differs in terms of criteria, we’ve listed below common themes that you
may withdraw above the maximum for. Depending on the jurisdiction that the LIF is
registered in, funds can be access via

▪ Financial Hardship

▪ Non-Financial Hardship.

Manitoba and Saskatchewan have Prescribed Registered Retirement Income Fund (PRIF)
which don’t limit the amount that may be withdrawn.

Financial Hardship Jurisdictions
Low Expected Income Federal
Ontario
Individuals can complete one unlocking British
application per year for low expected Columbia
income. Spousal consent would be needed. Alberta
Nova Scotia
Rent/Mortgage in Arrears Ontario
British
Individuals behind on their mortgage Columbia
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