With many job losses and business shutdowns due to the COVID-19 pandemic, it has become necessary for many people to withdraw some of their retirement funds to help with expenses.

Withdrawing money from Registered Retirement Savings Plans (RRSPs) can get confusing because there are different types. Some can be withdrawn from at any time, and others where the funds are locked-in until retirement.

While your money usually has to remain in the locked-in RRSP or LIRA until retirement, there is an exception to this rule for financial hardship. You will have to give your financial institution and the federal government proof of financial need.

Your financial institution will give you the forms. You will need to provide a declaration proving financial hardship, and a declaration stating whether or not you have a spouse or common-law partner. If you do, they will also have to sign a declaration giving consent to the withdrawal. Your financial institution can help you fill out the statutory declarations prior to taking them to a notary public or commissioner of oaths for signing.

If you need to have the statutory declaration regarding your spouse or common law partner commissioned as well, they will also need to attend in person to sign the document in front of the notary/commissioner of oaths.

Remember to bring valid government issued photo identification for both you and your partner, as the notary/commissioner will need to see this in order to verify your identity.