Withdrawing money from Locked-In-Retirement Accounts

Withdrawing money from Locked-In-Retirement Accounts

As of March 18, 2022, Saskatchewan residents will be able to apply to their financial institution to withdraw money from their Locked-In Retirement Account (LIRA) for financial hardship reasons.

Financial Hardship Reasons that allow residents to apply to access funds in their LIRA are:

  • Having low expected income in the upcoming year.
  • Having incurred or expect to incur medical expenses.
  • Being in arrears on rent payment and at risk of being evicted if the rent remains unpaid.
  • Being in arrears on mortgage payments, and at risk of the residence being foreclosed if the mortgage remains unpaid.
  • Requiring funds to secure a new rental residence.

There are separate applications for each Financial Hardship Reason.

Applications must be submitted to your financial institution, not to the FCAA.

To apply:

  • Download the application that applies to your situation.
  • Fill out the application and gather the necessary documents.
  • Submit your application to your financial institution (not to the FCAA).
  • If you have a spouse, you must submit the Spousal Waiver form as part of your application package to the financial institution.                                                                                                                                                                                                                   
Any money that is unlocked may be subject to withholding tax.



Complete information on unlocking your LIRA funds can be found here.

Pensions Division

4th Floor, 2365 Albert Street

Regina, SK, S4P 4K1

Tel: (306)787-7650

Fax: (306)798-4425

Email: pensions@gov.sk.ca

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