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Application to Unlock Alberta Funds Due to Financial Hardship Effective January 1, 2016 Note: This application is updated yearly by the Government of Alberta You must use this application to apply.

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How to fill out the Fsrp0023 online

The Fsrp0023 form is an application used to unlock funds from your Locked-In Retirement Account (LIRA) or Life Income Fund (LIF) due to financial hardship. This guide provides clear and supportive steps to help you fill out the form online.

Follow the steps to complete your application successfully.

  1. Click the ‘Get Form’ button to access the Fsrp0023 document and open it in your online editor.
  2. Begin by filling out the 'General Applicant Information' section. Provide your title, last name, first name, middle name, mailing address, city, province/territory, postal code, telephone number, date of birth, and email address. Make sure all details are accurate.
  3. In the 'Source of Locked-In Money' section, answer the questions regarding whether your funds are still in a pension plan and if you have previously applied under this program. Choose only one option from the provided list on how you received your LIRA or LIF.
  4. If applicable, complete the 'Pension Partner Information' section. Indicate if you have a pension partner and provide their details as required.
  5. Specify your reason for applying to unlock funds in the 'Locked-In Account Access Rules' section. Choose at least one reason from the five options provided and fill in any required documents or information.
  6. In the 'Pension Partner Agreement' section, if you have a pension partner, ensure they complete the appropriate agreement to proceed with your application.
  7. In the 'Certification of the Applicant' section, carefully review the declaration, confirming all information is accurate. Sign and date this certification in front of a witness aged 18 or older.
  8. Once all sections are completed, save your changes. You can then download, print, or share the form as needed before submitting it to your Financial Institution.

Complete your Fsrp0023 application online today to unlock the funds you need.

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The Pension Benefits Act sets out four categories of financial hardship under which you can unlock your pension funds held in a locked-in retirement account (LIRA) or life income fund (LIF). You can unlock for any of these reasons and you can unlock for a combination of reasons.

There are four types of financial hardship unlocking allowed for Ontario locked-in accounts: for medical expenses; for arrears of rent or default of secured debt secured on a main home (such as a mortgage); for payment of first and last months' rent to obtain a main home; and. for low expected income.

If the Canada Revenue Agency (CRA) determines that you are a non-resident of Canada for tax purposes, and confirms this in writing, then you may unlock your LIRA or LIF. You can apply for non-residency status by completing the federal form NR-73 E(12). This form is available on the CRA website.

At retirement, the money in an LIRA can be transferred to another retirement fund or used to purchase a life annuity. Locked-in Retirement Accounts are governed by provincial pension laws. Federal pension laws govern a similar type of account known as a locked-in Registered Retirement Savings Plan (RRSP).

The funds within a LIRA are locked-in until you've reached the minimum age prescribed by pension law. This means you can't dip into your savings early. This allows you to keep more of your money for your retirement years.

Funds may be transferred from a LIRA to: • an RPP (if that plan so permits); • another LIRA (same or different financial institution); • a LIF; or • an insurance company authorized to issue annuity contracts in Canada to purchase a life annuity.

Age 55 and over - One-time 50% unlocking: they may transfer 50% of the funds in their RLIF into an RRSP or an RRIF. Cash can then be withdrawn, from either of these vehicles, subject to any applicable income tax rules. The funds cannot be taken directly in cash from an RLIF.

Getting money out of your LIRA For that reason, typically the only way to unlock a LIRA is to retire, and the earliest age you can do that is 55. To get income from a LIRA in retirement, you'll need to transfer the funds to a life income fund (LIF) or a life annuity. Money that's moved into a LIRA can be self-managed.

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© Copyright 1997-2026
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Your Privacy Choices
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Help Portal
Legal Resources
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
altaFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2026
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232