Locked in RRSP Question
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Thread: Locked in RRSP Question

  1. #1
    Junior Member
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    Feb 2017
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    Locked in RRSP Question

    I am 61 years old and currently have about $227K in my Locked in RRSP which was transferred when I retired and took the commuted value of my Pension.

    I understand that I can transfer 50% of the total amount in my Locked in RRSP account to a regular unrestricted RRSP account. My question is, is there a limit to the amount? Can I transfer $113.5 in my case?
    Also, do I need contribution room in my RRSP or is it not necessary?

    Thank you.


  2. #2
    Senior Member
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    It varies with the province having jurisdiction over your locked-in RRSP. (not necessarily your province of residence - it's the jurisdiction under which your pension plan fell.). The financial institution which holds the LIRA ought to have a record of this.

    Here is a site that will direct you to places where you may be able to find answers for your specific case.
    http://www.taxtips.ca/pensions/rpp/unlockingrpp.htm

    You shouldn't need additional contribution room.

  3. #3
    Member
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    Sep 2014
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    I live in Ontario and just did this.
    I opened a self directed LIF and transfer all funds from the locked RRSP to it.
    I then had 60 days to move a maximum 50% of the amount transferred to the LIF out to the RIF.
    I opened a self directed RIF and moved the full 50% over to it as I had enough contribution room to move it.
    I worked with my local BMO branch and Investorline as there is a paperwork process that needs to be strictly followed.

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  5. #4
    Senior Member
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    Quote Originally Posted by naysmitj View Post
    I live in Ontario and just did this.
    I opened a self directed LIF and transfer all funds from the locked RRSP to it.
    I then had 60 days to move a maximum 50% of the amount transferred to the LIF out to the RIF.
    I opened a self directed RIF and moved the full 50% over to it as I had enough contribution room to move it.
    I worked with my local BMO branch and Investorline as there is a paperwork process that needs to be strictly followed.
    I have to do the same thing this year before December 31st as I'm at maximum allowable age to do this. Just waiting for the rest of my Nortel settlement to put into my RRSP by December 31st before I do this.

    I with PCFinancial and they don't have RIFs. They suggest CIBC but I'm not sure if I want to deal with CIBC as
    I need a safe investment(s) now to look after my disability healthcare.

    So I'm still straddling the fence as they say.
    Looking into an annuity instead, where I can roll over the entire RRSP fund and start collecting a portion of it next year.


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