Quote:
Originally Posted by Tron_fdc
Interesting. I have a bunch of locked in RRSP's that I was told I can't cash (Manulife). I haven't added anything to them in 10 years, but they're just sitting there.
If for some reason I wanted to go on a hookers n blow vegas bender, all I have to do is tell them I'm under financial hardship to cash them, and pay tax as if they are income?
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A locked-in RRSP is a bit different. It depends on the pension jurisdiction and amounts. You might not be able to access any of the funds there until age 50-55 depending on that. There are provisions for small amounts however and if you are beneath that limit you can unlock them and access them. Otherwise its tough to get access except in cases of financial hardship, which must be proven.