Page 95 - A Canuck's Guide to Financial Literacy 2020

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Small Balance Unlocking Federal
(Restricted by Age & Amount in Alberta
Certain Provinces) British
Columbia
Small Balance refers to accounts Ontario
whose total value is less than a certain Manitoba
percentage of the YMPE. For example, Saskatchewan
in Ontario, you must be at least 55 years old Nova Scotia
and the value of the account must be less than 40% of the YMPE. Quebec
50% Unlocking Federal
(Restricted by Age in Certain Provinces) Ontario
Alberta
You may unlock 50% of the value of your Manitoba
LIF/RLIF by completing the applicable provincial/federal forms. Once
unlocked,
you may transfer these funds into
an RRSP or a RRIF, depending on
the province.
Shortened Life Expectancy Federal
Alberta
You may unlock your funds if your life British
expectancy has been shortened due to a Columbia
terminal illness. For example, in Ontario
Ontario, you may withdraw from Quebec
your account if your life expectancy Manitoba
has been shortened to 2 years or less. Saskatchewan
You would need a doctors note and spousal consent. Nova Scotia
New
Brunswick
Non-Residency Federal
Alberta
If you’re a non-resident of Canada and British
have been so for more than 2 years, Columbia
you may unlock your funds pending that Ontario
you’ve received a confirmation letter from the CRA. Quebec
Manitoba
Saskatchewan
Nova Scotia

Keep in mind that certain categories allow you to unlock your locked-in accounts once per
year. However, if you qualify under different categories, you are allowed to unlock more
than once a year, pending it’s a different category.