Financial and Consumer Affairs Authority of Saskatchewan

FCAA is Saskatchewan’s financial and consumer marketplace regulator.

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.

    Forms:

     

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

    Pensions Division

    Suite 601, 1919 Saskatchewan Drive

    Regina, Saskatchewan S4P 4H2

    Tel: (306)787-7650

    Fax: (306)798-4425

    Email: pensions@gov.sk.ca

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