Withdrawing money from Locked-In-Retirement Accounts
As of March 18, 2022, Saskatchewan residents will be able to apply to their financial institution to withdraw money from their Locked-In Retirement Account (LIRA) for financial hardship reasons.
Financial Hardship Reasons that allow residents to apply to access funds in their LIRA are:
- Having low expected income in the upcoming year.
- Having incurred or expect to incur medical expenses.
- Being in arrears on rent payment and at risk of being evicted if the rent remains unpaid.
- Being in arrears on mortgage payments, and at risk of the residence being foreclosed if the mortgage remains unpaid.
- Requiring funds to secure a new rental residence.
There are separate applications for each Financial Hardship Reason.
Applications must be submitted to your financial institution, not tothe FCAA.
To apply:
- Download the application that applies to your situation.
- Fill out the application and gather the necessary documents.
- Submit your application to your financial institution (not to the FCAA).
- If you have a spouse, you mustsubmit theSpousal Waiver form as part of your application package to the financial institution.
Any money that is unlocked may be subject to withholding tax.
Forms:
- Financial Hardship Unlocking - Low Expected Income
- Financial Hardship Unlocking - Medical Expenses
- Financial Hardship Unlocking - Arrears on Rent Payments
- Financial Hardship Unlocking - Arrears on Mortgage Payments
- Financial Hardship Unlocking - Funds to Secure a New Principal Rental Residence
- Financial Hardship Unlocking - Spousal Waiver
Complete information on unlocking your LIRA funds can be found here.
Pensions Division
4th Floor, 2365 Albert Street
Regina, SK, S4P 4K1
Tel: (306)787-7650
Fax: (306)798-4425
Email: pensions@gov.sk.ca