Get Form 5 Declaration Of Commutable Amount - Financial Institutions ... - Fic Gov Bc

Filling out the Form 5 Declaration Of Commutable Amount is a crucial step for individuals looking to commute some or all of their pension benefit entitlements. This guide will walk you through the process of completing this form online, ensuring that you have the necessary information and structure to submit it correctly.

Follow the steps to complete the Form 5 Declaration Of Commutable Amount online.

1. To begin, click the ‘Get Form’ button to obtain the form and open it in your document editor.
2. Fill in your full name and ensure accuracy in all personal details for successful identification.
3. In the first section, input your birth date and calculate your age as of the date of this declaration.
4. List the defined contribution pension plans you are a member of, including the registration number and the current value of your entitlements for each plan.
5. If you have other locked-in RRSPs or life income funds, provide the name of each financial institution along with the respective value in the next section.
6. Calculate the total value of all your entitlements across defined contribution plans, locked-in RRSPs, and LIFs. Ensure this amount is less than 40% of the Year’s Maximum Pensionable Earnings relevant to the current year.
7. Confirm that the information provided is accurate and based on the most recent records, dated less than one year old.
8. Indicate your spousal status by selecting the appropriate option and filling in any required names or dates.
9. Make sure that none of the assets listed are subject to a transfer of entitlements due to a marriage breakdown.
10. After completing all sections, date the form, provide your signature, and fill in your address and contact information.
11. Engage a witness to confirm the authenticity of your declaration. The witness will need to provide their name, address, and signature.
12. Once all details are filled in accurately, ensure to save changes, download a copy, or print the form as required.

Complete your Form 5 Declaration Of Commutable Amount online to manage your pension entitlements efficiently.