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Financial Hardship Unlocking

Clients holding federally regulated locked-in plans may be able to make a cash withdrawal of up to 50 per cent of the yearly maximum pensionable earnings (YMPE) for financial hardship. This provision is available regardless of age, and clients must meet one or both of the following conditions:

1. Medical or disability related expenditure – unlocking is available when the expenditure is expected to be more than 20 per cent of a client's income in any given calendar year. The amount of expenditure may be withdrawn, up to the maximum.

2. Low income – Any individual expecting to earn less than 75 per cent of YMPE, will be allowed to make a withdrawal. The amount allowed will be based on their expected income.

· Product Application, if required
· Redemption Form, if required by Financial Institution
· Form 1- Attestation Regarding Withdrawal Based on Financial Hardship
· Form 2 - Attestation(s) Regarding Spouse/Common-law Partner
* all sections on forms must be completed and they are required to be sworn before a
  notary public or someone authorized to take affidavits.
* Medical or disability related requests will also require a certification signed by a
  licensed Canadian physician.
* Financial hardship unlocking is available for owners of LIF, RLIF, RLSP and locked-in RRSP





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