Statutory Declarations for withdrawal from locked-in RRSPs or locked-in retirement accounts (LIRAs)

Financial need and instability have increased since 2020, with many business shutdowns and losses occurring due to the ongoing public health measures imposed because of the COVID-19 pandemic. As a result, it has become necessary for many people to withdraw some of their savings or retirement funds to help with expenses.

One source of potential financial help is withdrawing money from Registered Retirement Savings Plans (RRSPs). This can get confusing because there are different types of RRSPs – some which can be withdrawn from at any time, and others where the funds are locked-in until retirement. The first step in determining how to access your funds is a consultation with your financial services provider. If you determine that you want to withdraw money from a locked-in account, there are additional steps that you need to take.

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