Unlocking a locked-in Pension (RRSP) (Unlocking Rrsp)


robertson
#181
I assume that if Bill 116 passes this would free up locked in pensions for all Canadians federally (all Provinces) is this correct? or is it a provincial matter that all provinces have to fight individually.I'm sure if you guys in Ontario get Bill 116 passed it will help the rest of Canada I'm sure.The more this petition is read and mentioned at assembly the more it is going sink in and get these unfair policies changed.The best of luck on May 14 Onterio!! Warren
 
jvalberg
#182
Not sure if this has already been pointed out ... but in the unlocking of a RIF which would result in more income flowing to pensioners ... the government stands to receive more tax revenue on all those funds in the process. Should this not further motivate the government to unlock these things?

Thanks to everyone who has been active in pressing this issue on our behalf.
 
TerryFox
#183
Hi ... I have an 7,000.00 locked in RRSP GIC saving account . I'm curious if I could unlock this and close the account altogether ? I know if I could I probably would have to pay a penality but I dont care how much . Do you think I can get this money out ? I want to use the money for a home purchase . I thought we were allow to use an RRSP for buying a home ?

Thanks
 
JLM
No Party Affiliation
#184
Quote: Originally Posted by TerryFoxView Post

Hi ... I have an 7,000.00 locked in RRSP GIC saving account . I'm curious if I could unlock this and close the account altogether ? I know if I could I probably would have to pay a penality but I dont care how much . Do you think I can get this money out ? I want to use the money for a home purchase . I thought we were allow to use an RRSP for buying a home ?

Thanks

I think you are going to find that after the penalty and the income tax at maybe 40% you'll find there isn't enough left to fill a piss pot. You may be better off since borrowing rates are so low if you can't use the account as collateral on a loan. But then again G.I.C.s aren't paying much. Best talk to the bank mgr.
 
TerryFox
#185
Quote: Originally Posted by JLMView Post

I think you are going to find that after the penalty and the income tax at maybe 40% you'll find there isn't enough left to fill a piss pot. You may be better off since borrowing rates are so low if you can't use the account as collateral on a loan. But then again G.I.C.s aren't paying much. Best talk to the bank mgr.

Thanks for responding ... I have a lot more than the 7 but that is all I have in RRSP . I really want to use it so I can use the other accounts towards upgrading the home , like a new stove , fridge , carpetting , things like that , so any cash I get from the RRSP can help , little or not ... I'm going to see a agent tomorrow about it ...

Oh yeah, I have already been granted a 10,000.00 loan if needed , maybe I should take that direction and wait it out the RRSP
 
TerryFox
#186
Things went well today at the bank . I am able to move my locked in RRSP towards my home and I have to pay back this amount in a 15 years life spam starting from 2011 ... So it turns out to be really good news ...
 
oldman
#187
Hi Everybody,

Second reading of Ted Chudleigh's Bill 116 .

Ted’s Bill 116 is second (of three) private members bills being debated today. At 1pm, the House does Routine Proceedings which can take very little time or upwards of an hour and a half. Following that, each private members bill is debated for one hour.

It looks like today’s Routine Proceedings will be fairly short. So I imagine the first PMB will begin at about 1:30pm and Bill 116 will go at about 2:30pm.

Regards Bill C
 
oldman
#188
Quote: Originally Posted by robertsonView Post

I assume that if Bill 116 passes this would free up locked in pensions for all Canadians federally (all Provinces) is this correct? or is it a provincial matter that all provinces have to fight individually.I'm sure if you guys in Ontario get Bill 116 passed it will help the rest of Canada I'm sure.The more this petition is read and mentioned at assembly the more it is going sink in and get these unfair policies changed.The best of luck on May 14 Onterio!! Warren

Hi Warren ,

I am sorry I am so long responding to your question .

This is a Ontario provincial matter , but as you say . If we can get this done in Ontario it will hopefully help open the pensions in other provinces .

Regards Bill C
 
oldman
#189
Hi All ,

The turn out for support was disappointing .

The names of the supporters were .

Ted Chudleigh PC , Ted Arnott PC , Ernie Hardeman PC , Jerry Ouelette PC , Peter Shurman PC , Cheri DiNovo NDP , Leeanna Pendergast , Liberal .

I have sent the above a thank you for their support . If any of you would like to send them a thank you ,feel free to do so .

I will list the 26 against unlocking our own money tomorrow.

Take Care Bill C

Liberals Vote Against Ontario Seniors

Government rejects Halton MPP’s campaign for respect and independence

(Queen’s Park – May 14, 2009)

Today Liberal MPPs voted against a Bill that would have given Ontario retirees more control over their own pensions.

Bill 116 was introduced by Halton MPP Ted Chudleigh and would have changed the law so that seniors could access 100% of their locked-in pension money. Currently, retirees are only able to access half of their accrued assets.

“For too long, the government has rationed out locked-in pension money to seniors like parents giving allowance to their children,” said Chudleigh.“My Bill would have ended this disrespectful practice and given seniors the independence they have earned.”

The reason why Liberals don’t want seniors to have full access is because they think that retirees are not wise enough to manage their finances in the long-term, explained Chudleigh.

“What do you have to do to escape the McGuinty nanny-state?” asked Chudleigh.“Our seniors have proven themselves through lives that embodied responsibility and wisdom. But the McGuinty Liberals think they’ll blow all their cash and become wards of the State. That’s just insulting.”

Chudleigh pointed to successful legislation in Saskatchewan passed in 2002 that allows retirees 100% access to locked-in pensions.

“I haven’t heard of any wild and uncontrolled spending sprees by Saskatchewan seniors,” said Chudleigh.“They’re proof that the current legislation is out-of-touch with reality. Sadly, today the Liberals voted based on ideology and ignored the real concerns of their senior constituents.”

The vote on second reading on Bill 116 was lost by a count of 7-26. All votes against were from Liberal MPPs while the Bill received support from all present PC and NDP Members. MPP Leeanna Pendergast was the sole Liberal supporter of the Bill.

-30-
For further information contact:

Ben Ellis
416-325-5747
 
oldman
#190
Here are the MPP,s that voted against unlocking locked in pensions 100% for the Retiree,s and Seniors of Ontario .

These people , I assume feel that the seniors in the province of Ontario are not as Competent as the Seniors and Retiree,s in Saskatchewan.

They feel I assume that the Seniors and Retiree.s in Ontario need them , The Liberal Government to babysit them and dole out their OWN MONEY to them as if they are children in need of supervision .

It should be noted that every vote against Bill 116 , the Bill to unlock pensions 100% for the Citizens of Ontario was a Liberal Vote.

Just one more reason this province needs a change of government.

The Nay Voters Were .

Sophia Aggelonitis , Laura Albanese , Wayne Arthures , Bas Balkissoon , Lorenzo Berardinetti , Margarett Best , Laurel C Broten , Jim Brownell , Mike Colle , Bob Delaney , Joe Dickson , Daniel Kevin Flynn , Linda Jeffrey , Kuldip Kular , Marc Jean Lalonde , Dave Levac , Reza Moridi , Gerry Phillips , Shafiq Qaadri , Khalil Ramal . Tony Ruprecht , Liz Sandals , Mario Sergio , Harinder S Takhar , Kathleen O Wynne , David Zimmer , .

The Ayes Vote Was .

Ted Arnott , PC , Ted Chudleigh , PC , Cheri DiNovo , NDP , Ernie Hardeman , PC , Jerry J. Ouellette , PC , Leeanna Pendergast , Lib. , Peter Shurman , PC .

I would also like to mention . The NDP support was very poor also as only 1 NDP member voted for Bill 116 (( Cheri DiNovo )) .

This is also disturbing as before the last election Andrea presented a Bill to unlock pensions 100% and I was assured by the Leader at that time ( Howard Hampton ) that the NDP fully supported Andrea's Bill .

It makes one realize why nobody trusts Politicians !!! (( Now they have Flip Flopped to 50% from what I have heard ))

Sound Familiar (( McGuinty on Promises ))

Other NDP members were present for a prior Bill and were in the house that day but did not see it fit to take the time support Bill 116 .

They were Andrea Horwath , Howard Hampton , Rosario Marchese , Frances Gelinas , Paul Miller , Peter Kormos (((( Which I find very disturbing considering Peter's and Howards locked in pension's are fully unlocked 100% , curtesey of Bill 27 in 1999 )))

The PC Party has said that they support unlocking the pensions 100% , and they did have it in their platform the last election.
I am told by some that it will be on the agenda of the 2011 election.

I guess we will just have to wait and see as the turn out of the PC Party was also very disappointing for the Vote for Ted's Bill 116
 
Longlast
Free Thinker
#191
Hi all, My name is Darlene.I am goin thru financial hardship, I was wrongfully dismissed from my 23 year job 6 months ago. I am a single Mother with two children, I have accumulated 34,000$ in my locked in RRSP,S , If I get accepted to unlocking my funds , Can I take it all out ? or can I only take out a percentage of the funds? I presume I will get taxed on funds as well?
 

Similar Threads

0
locked in rrsp
by brnathan | Feb 23rd, 2008
1
unlocking Sanyo8300
by hookay | Dec 11th, 2006
7
It's tax time, who's getting RRSP.
by Sassylassie | Feb 27th, 2006
no new posts