Not sure on this but ig you are over 50 i belive you can tranfer 50% of the locked in RRSP - AB is one of the few provinces that do allow that - Check with whoever is administering your plan if this does appply - Hope this is of some help-
Unlocking a locked-in Pension (RRSP)
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Hello Bill,Thanks if you find that address, sure email it to me I will appreciate it.I have talked to the government of BC pensions and was told that they do not have any kind of early withdraw policies on these locked in RRSPs.This is what I was told.The only way I would see any of this money before term is to have a death certificate and It may be difficult for me to deliver it when I'm taking a dirt nap and If I can prove without a doubt(doctors everyone
involved) that I am dying soon they can release some money how much I do not know.For those who have had enough, there is a scuttle the ship method if you just cant take it anymore, let me explain.Lets say the money is the ship and you can go anywhere you want with this ship just never go home and after several years languishing out at sea with very little booty and no chance of ever going home you can sail this ship head fast into the Rock of Gibraltar(American Equity).Warren Robertson
Hello Goober,I asked a veteran union Lawyer Here in Alberta to see if I could transfer these RRSPs from BC to Alberta because I never lived in BC and he said it would never happen.I am assuming here it is because this money is not federal it is provincial under British Columbia guide lines and legislation and a tidy little sum Im sure is sitting there making interest and why would they give control of this money to other provinces I bet this is how they look at it.OH I FORGOT ON THE LAST TREAD TO BILL THIS IS IMPORTANT
YOU CAN CASH OUT BC RRSPs IF AMOUNT IS UNDER $9000.00 SOMETHING?
IF YOU HAVE LIVED OUT OF THE COUNTRY MORE THAN 2 YRS.
YOU CAN CASH OUT BC RRSPs IF AMOUNT IS UNDER $9000.00 SOMETHING?
IF YOU HAVE LIVED OUT OF THE COUNTRY MORE THAN 2 YRS.
Hi Everybody ;
The new Ontario Budget will be in early March . Susan Eng Vice President of Advocacy of CARP will be trying to convince the Finance Minister to unlock pensions for retire,s 100% in the upcoming budget .
She can use all the support she can get behind her request .
Please E-Mail Finance Minister Dwight Duncan through the CARP E-Voice Mail and put some support behind Susan .
http://www.carp.ca/advocacy/index.cfm
Please also pass this on to all of your contacts .
Take Care , Regards , Bill C
The new Ontario Budget will be in early March . Susan Eng Vice President of Advocacy of CARP will be trying to convince the Finance Minister to unlock pensions for retire,s 100% in the upcoming budget .
She can use all the support she can get behind her request .
Please E-Mail Finance Minister Dwight Duncan through the CARP E-Voice Mail and put some support behind Susan .
http://www.carp.ca/advocacy/index.cfm
Please also pass this on to all of your contacts .
Take Care , Regards , Bill C
The Ontario Coalition of Independent LIF Holders
The Ontario Coalition of Independent LIF Holders is composed of a number of private citizens assembled from various regions in Ontario who's sole purpose is to lobby the government to unlock all "locked-in" pensions in our province.
We are primarily arguing two issues within one campaign.
The primary issue is that of fairness and equality under one law for all Ontario citizens, regardless of vocation and void of political favouritism.
The secondary issue is that of the unjust government control of Ontarians access to their personal locked-in pension assets. Assets that were generally derived from former employers "wound-up" defined benefit plans and employers defined contribution ‘DC’ plans.
Regarding the primary issue, the current rules and regulations set out in the Pension Benefits Act are discriminatory, as they’re not equally applied to all Ontarians. The MPPs pension assets, derived from their former wound-up pension plan in 1995, fall under the jurisdiction of the MPP's Pension Act. These are two separate acts for the same type of locked-in pensions.
Discrimination, where there are currently 61 MPPs, both former and present, that through an amendment to the MPP Pensions Act, contained within Bill 27 in 1999, exempted themselves from the highly restrictive and paternalistic legislation that governs all other Ontarians LIRA's, LIF's and LRIF's.
Regarding the secondary issue, the yearly maximum withdrawal limits for those who meet the minimum age requirement (usually 55) for access to their locked-in LIF and LRIF pensions is approximately 6.5%, increasing slightly year after year, until age 90. The aforementioned 61 MPP's will have 100% unrestricted access to the same type of pension-derived locked-in assets, at age 55, as compared to the rest of all other Ontarians who will have to wait till’ age 90 to see their last penny (1/2 of 1% ever make it – Stats Can 2007)!
Having a law on the books for 61 MPP's, regardless of when and how it was contrived, and a different law for an estimated million plus other Ontarians for the exact same type of pension assets is unconscionable and a blatant double standard for an equal and fair Ontario.
Our Coalition is dead set against such inequality and obvious discrimination. Discrimination and silence since 1999 that continues to percolate within the ruling Liberal party.
We are demanding fair and equal treatment and insist on being included in this exclusive group of 61 privileged Ontarians by receiving the same 100% access to our locked-in pensions.
For the past six years, Premiere Dalton McGuinty and his ministers have continued to ignore the pleas of Ontarians begging for full access to their locked-in pensions, while specific members within their party, continue to have full 100% access to their own former locked-in pensions.
In the Liberal budget back in March of 2007, Greg Sorbara introduced a one time 25% unlocking option to hopefully appease the holders of locked-in pensions. This was an insult to all Ontarians and continues to fly in the face of democracy, and equality under the premise of equality and one law for all.
In 2002, Saskatchewan listened to the will of their people and eliminated these restrictions, granting full 100% access to all locked-in pensions through legislation that applied to all their residents, and not just their provincial politicians. Their belief was that their residents knew best how and when to use their own private pension assets.
In December of 2006, Andrea Horwath of the NDP, introduced Bill 175 to unlock all locked-in pensions in Ontario receiving verbal support in the legislature from Bob Runciman of the PCs. The Liberal party ignored this bill and instead went on to pass a bill for themselves in two weeks, that essentially granted all MPPs a 35% pay raise as well as doubling their contributions to their own RRSP’s, while seniors with locked-in pensions were ignored.
In spite of the ruling Liberal party’s refusal to further unlock pensions, the trend towards full unlocking continues in other jurisdictions as the Federal government recently granted 50% access to all of their regulated locked-in pensions in their 2008 budget. As well, other provinces have increased their access to 50% and are on track to eventually follow Saskatchewan’s lead towards 100% access thus resulting in the elimination of huge unnecessary government bureaucracy and expense.
In October of 2008, Ted Chudleigh, of the PC party, introduced another similar private members Bill 116 to unlock all locked-in pensions in Ontario. It is scheduled for second reading some time in May of 2009, unless it gets scuttled and killed by the Liberal party again.
Our goal is to create an awareness of these issues within the general public. A public with either DC type pensions, LIFs or LRIFs, who for the most part have no idea about the restrictions they will face when they qualify to withdraw their hard earned locked-in pension assets. A public who further, have no idea of the conceived legislation that was created by former and currently seated select politicians, for politicians, leaving the rest of Ontario shackled and begging for equal access to their own pension money.
As our economy withers, generally so does the value of our pensions and thus the yearly withdrawal maximum that those millions of Ontarians count on for survival. The inability of the current legislation to address the overwhelming devaluation of locked-in pension assets, which will likely be with us for a number of years, is precisely the scenario where the current legislation fails, thus creating a proportionately significant reduction in a locked-in pensioners LIF or LRIF yearly payments – in simpler terms, a substantial pay cut.
We encourage you to contact your local MPP to voice your support for Ted Chudleigh’s Bill 116 to unlock pensions 100% for ALL Ontarians and not just the select few politicians as was done in 1999. Inform your provincial member of parliament that Ontario pensioners are quite capable of managing their own money, however they determine and see fit, and to put an end to this ridiculous paternalism over private pension money that isn’t theirs. It’s simply the right thing to do for so many various and personally distinctive reasons, especially in order to keep up with these turbulent and recessionary times.
Having to continue to increasingly pay for more and more services is bad enough as it is, but to now do it with a cut to LIF and LRIF pension income because of outdated, inflexible and complicated legislation, is just plain cruelty and ignorance to the hard-working founders and contributors to our province.
Obviously it wasn’t such a bad idea to some of our elected public servants back in ‘99.
Sincerely,
Grant Fleury
Ontario Coalition of Independent LIF Holders
The Ontario Coalition of Independent LIF Holders is composed of a number of private citizens assembled from various regions in Ontario who's sole purpose is to lobby the government to unlock all "locked-in" pensions in our province.
We are primarily arguing two issues within one campaign.
The primary issue is that of fairness and equality under one law for all Ontario citizens, regardless of vocation and void of political favouritism.
The secondary issue is that of the unjust government control of Ontarians access to their personal locked-in pension assets. Assets that were generally derived from former employers "wound-up" defined benefit plans and employers defined contribution ‘DC’ plans.
Regarding the primary issue, the current rules and regulations set out in the Pension Benefits Act are discriminatory, as they’re not equally applied to all Ontarians. The MPPs pension assets, derived from their former wound-up pension plan in 1995, fall under the jurisdiction of the MPP's Pension Act. These are two separate acts for the same type of locked-in pensions.
Discrimination, where there are currently 61 MPPs, both former and present, that through an amendment to the MPP Pensions Act, contained within Bill 27 in 1999, exempted themselves from the highly restrictive and paternalistic legislation that governs all other Ontarians LIRA's, LIF's and LRIF's.
Regarding the secondary issue, the yearly maximum withdrawal limits for those who meet the minimum age requirement (usually 55) for access to their locked-in LIF and LRIF pensions is approximately 6.5%, increasing slightly year after year, until age 90. The aforementioned 61 MPP's will have 100% unrestricted access to the same type of pension-derived locked-in assets, at age 55, as compared to the rest of all other Ontarians who will have to wait till’ age 90 to see their last penny (1/2 of 1% ever make it – Stats Can 2007)!
Having a law on the books for 61 MPP's, regardless of when and how it was contrived, and a different law for an estimated million plus other Ontarians for the exact same type of pension assets is unconscionable and a blatant double standard for an equal and fair Ontario.
Our Coalition is dead set against such inequality and obvious discrimination. Discrimination and silence since 1999 that continues to percolate within the ruling Liberal party.
We are demanding fair and equal treatment and insist on being included in this exclusive group of 61 privileged Ontarians by receiving the same 100% access to our locked-in pensions.
For the past six years, Premiere Dalton McGuinty and his ministers have continued to ignore the pleas of Ontarians begging for full access to their locked-in pensions, while specific members within their party, continue to have full 100% access to their own former locked-in pensions.
In the Liberal budget back in March of 2007, Greg Sorbara introduced a one time 25% unlocking option to hopefully appease the holders of locked-in pensions. This was an insult to all Ontarians and continues to fly in the face of democracy, and equality under the premise of equality and one law for all.
In 2002, Saskatchewan listened to the will of their people and eliminated these restrictions, granting full 100% access to all locked-in pensions through legislation that applied to all their residents, and not just their provincial politicians. Their belief was that their residents knew best how and when to use their own private pension assets.
In December of 2006, Andrea Horwath of the NDP, introduced Bill 175 to unlock all locked-in pensions in Ontario receiving verbal support in the legislature from Bob Runciman of the PCs. The Liberal party ignored this bill and instead went on to pass a bill for themselves in two weeks, that essentially granted all MPPs a 35% pay raise as well as doubling their contributions to their own RRSP’s, while seniors with locked-in pensions were ignored.
In spite of the ruling Liberal party’s refusal to further unlock pensions, the trend towards full unlocking continues in other jurisdictions as the Federal government recently granted 50% access to all of their regulated locked-in pensions in their 2008 budget. As well, other provinces have increased their access to 50% and are on track to eventually follow Saskatchewan’s lead towards 100% access thus resulting in the elimination of huge unnecessary government bureaucracy and expense.
In October of 2008, Ted Chudleigh, of the PC party, introduced another similar private members Bill 116 to unlock all locked-in pensions in Ontario. It is scheduled for second reading some time in May of 2009, unless it gets scuttled and killed by the Liberal party again.
Our goal is to create an awareness of these issues within the general public. A public with either DC type pensions, LIFs or LRIFs, who for the most part have no idea about the restrictions they will face when they qualify to withdraw their hard earned locked-in pension assets. A public who further, have no idea of the conceived legislation that was created by former and currently seated select politicians, for politicians, leaving the rest of Ontario shackled and begging for equal access to their own pension money.
As our economy withers, generally so does the value of our pensions and thus the yearly withdrawal maximum that those millions of Ontarians count on for survival. The inability of the current legislation to address the overwhelming devaluation of locked-in pension assets, which will likely be with us for a number of years, is precisely the scenario where the current legislation fails, thus creating a proportionately significant reduction in a locked-in pensioners LIF or LRIF yearly payments – in simpler terms, a substantial pay cut.
We encourage you to contact your local MPP to voice your support for Ted Chudleigh’s Bill 116 to unlock pensions 100% for ALL Ontarians and not just the select few politicians as was done in 1999. Inform your provincial member of parliament that Ontario pensioners are quite capable of managing their own money, however they determine and see fit, and to put an end to this ridiculous paternalism over private pension money that isn’t theirs. It’s simply the right thing to do for so many various and personally distinctive reasons, especially in order to keep up with these turbulent and recessionary times.
Having to continue to increasingly pay for more and more services is bad enough as it is, but to now do it with a cut to LIF and LRIF pension income because of outdated, inflexible and complicated legislation, is just plain cruelty and ignorance to the hard-working founders and contributors to our province.
Obviously it wasn’t such a bad idea to some of our elected public servants back in ‘99.
Sincerely,
Grant Fleury
Ontario Coalition of Independent LIF Holders
Hi Everybody ;
Here is a transcript of the discussion between Mr. Frank Klees ( Newmarket - Aurora PC Party ) and Hon. Minister Aileen Carroll . ( Minister Responsible for Seniors ) .
I question the title Hon. , but then that is just my opinion.
The first time I sent a letter to Ms. Carroll concerning the issue with locked in pensions . She was so kind to let me know that I was not in her constituency . I then wrote her another letter asking her if she was the Minister Responsible for Seniors , If so , was she not supposed to be responsible for all seniors in Ontario and again asked her to help correct the unjustness of locked in pensions .
I received no response . I am also aware of others of you that had the same problem with this minister when asking for her help in unlocking locked in pensions .
After reading her answer to Mr Klees even after he asked her the same question twice . This is what she came up with "I have not had an opportunity to speak to the Minister of Finance at the federal level; I leave that to my colleague in cabinet to do so. "
It is very obvious that the letters that were sent to her concerning locked in pensions were thrown in the garbage , She obviously never even looked at the issue .
If she had she would have known that there are a few hundred thousand Senior Retire's in Ontario that have locked in pensions under Ontario Provincial Rule . NOT Federal Rule ,
Just plain incompetent and she is being paid by us the tax payer to represent Seniors in Government .
If any of you would like to drop a letter to Minister Carroll and let her know that we are taking notes . Please feel free to do so .
Below is the Transcript and I think we owe the Progressive Conservative Party a big thanks for taking this issue on .
You all Take Care Bill C
Senior citizens
Mr. Frank Klees: To the Minister Responsible for Seniors: Seniors across the province are not immune to the economic downturn. They’ve worked hard to put aside funds in a retirement account and they’re counting on that income to pay their day-to-day living expenses.
Many of those retirement accounts are eroded. The income from those retirement accounts is considerably less than it has been. My question is this: Has the Minister Responsible for Seniors advocated with the Minister of Finance to allow seniors in this province to have access to 100% of their locked-in retirement accounts, and if not, why not?
Hon. M. Aileen Carroll: I can assure the honourable member that, the Seniors’ Secretariat being part of my portfolio, I am cognizant of the pressures of this economy on seniors in Ontario. I take every opportunity to convey to the Minister of Finance my concerns on issues such as elder abuse, and the fiscal impact as well. The property tax initiative, of course, was a response to that very dilemma, and it was done by this government in advance of the current economic malaise that we are now dealing with.
Be assured, honourable member, that I will continue to advocate on their behalf to the best of my ability.
The Speaker (Hon. Steve Peters): Supplementary?
Mr. Frank Klees: My question was very specific. Seniors from across the province are asking for the right to their own money. This is money that seniors have put aside through their hard work for the day that we now have, and that is when they are in need. This is their money. Under current legislation, they cannot access their own retirement funds. It will take an act of this Legislature to open up those locked-in retirement accounts.
I’d like to know from the minister, has she specifically made the request of the minister to include that measure in the next budget, and if she hasn’t, will she commit today that that will in fact be her request of the Minister of Finance on behalf of seniors across the province?
Hon. M. Aileen Carroll: As I assured the honourable member, I have and continue to convey my concerns and those of seniors in Ontario to the Minister of Finance. As the honourable member knows, we took measures to allow seniors more access in the budget of 2007. Unfortunately, the honourable member chose to vote against it.
There are indeed a number of aspects of this particular dilemma that belong in the federal domain. I have not had an opportunity to speak to the Minister of Finance at the federal level; I leave that to my colleague in cabinet to do so. But I can only assure the House and the member that many of the initiatives that we have taken are assisting these seniors in these turbulent times. I would look for his support when we bring in a very, very excellent budget in a couple of weeks’ time.
Here is a transcript of the discussion between Mr. Frank Klees ( Newmarket - Aurora PC Party ) and Hon. Minister Aileen Carroll . ( Minister Responsible for Seniors ) .
I question the title Hon. , but then that is just my opinion.
The first time I sent a letter to Ms. Carroll concerning the issue with locked in pensions . She was so kind to let me know that I was not in her constituency . I then wrote her another letter asking her if she was the Minister Responsible for Seniors , If so , was she not supposed to be responsible for all seniors in Ontario and again asked her to help correct the unjustness of locked in pensions .
I received no response . I am also aware of others of you that had the same problem with this minister when asking for her help in unlocking locked in pensions .
After reading her answer to Mr Klees even after he asked her the same question twice . This is what she came up with "I have not had an opportunity to speak to the Minister of Finance at the federal level; I leave that to my colleague in cabinet to do so. "
It is very obvious that the letters that were sent to her concerning locked in pensions were thrown in the garbage , She obviously never even looked at the issue .
If she had she would have known that there are a few hundred thousand Senior Retire's in Ontario that have locked in pensions under Ontario Provincial Rule . NOT Federal Rule ,
Just plain incompetent and she is being paid by us the tax payer to represent Seniors in Government .
If any of you would like to drop a letter to Minister Carroll and let her know that we are taking notes . Please feel free to do so .
Below is the Transcript and I think we owe the Progressive Conservative Party a big thanks for taking this issue on .
You all Take Care Bill C
Senior citizens
Mr. Frank Klees: To the Minister Responsible for Seniors: Seniors across the province are not immune to the economic downturn. They’ve worked hard to put aside funds in a retirement account and they’re counting on that income to pay their day-to-day living expenses.
Many of those retirement accounts are eroded. The income from those retirement accounts is considerably less than it has been. My question is this: Has the Minister Responsible for Seniors advocated with the Minister of Finance to allow seniors in this province to have access to 100% of their locked-in retirement accounts, and if not, why not?
Hon. M. Aileen Carroll: I can assure the honourable member that, the Seniors’ Secretariat being part of my portfolio, I am cognizant of the pressures of this economy on seniors in Ontario. I take every opportunity to convey to the Minister of Finance my concerns on issues such as elder abuse, and the fiscal impact as well. The property tax initiative, of course, was a response to that very dilemma, and it was done by this government in advance of the current economic malaise that we are now dealing with.
Be assured, honourable member, that I will continue to advocate on their behalf to the best of my ability.
The Speaker (Hon. Steve Peters): Supplementary?
Mr. Frank Klees: My question was very specific. Seniors from across the province are asking for the right to their own money. This is money that seniors have put aside through their hard work for the day that we now have, and that is when they are in need. This is their money. Under current legislation, they cannot access their own retirement funds. It will take an act of this Legislature to open up those locked-in retirement accounts.
I’d like to know from the minister, has she specifically made the request of the minister to include that measure in the next budget, and if she hasn’t, will she commit today that that will in fact be her request of the Minister of Finance on behalf of seniors across the province?
Hon. M. Aileen Carroll: As I assured the honourable member, I have and continue to convey my concerns and those of seniors in Ontario to the Minister of Finance. As the honourable member knows, we took measures to allow seniors more access in the budget of 2007. Unfortunately, the honourable member chose to vote against it.
There are indeed a number of aspects of this particular dilemma that belong in the federal domain. I have not had an opportunity to speak to the Minister of Finance at the federal level; I leave that to my colleague in cabinet to do so. But I can only assure the House and the member that many of the initiatives that we have taken are assisting these seniors in these turbulent times. I would look for his support when we bring in a very, very excellent budget in a couple of weeks’ time.
I took my "locked-in" pension to a private investment house from a chartered bank. Two weeks later, it was a done deal
If you take out less than $5,000 at a time, it's taxed at 10%
At this stage of the game (the economy tanking), it's probably worth it if you end up buying property with it
If you take out less than $5,000 at a time, it's taxed at 10%
At this stage of the game (the economy tanking), it's probably worth it if you end up buying property with it
Hi Tyr;
Unless you fell under the minimum amount in your plan allowed by FSCO or your pension was from somewhere other then Ontario . You were lucky .
I have heard of some getting their funds unlocked that way though .
Yes I believe buying property would be a good investment as this mess is going to end someday and we will always need a place to live .
Take Care ,
Hi Everybody ;
Here is a statement from Mr.Ernie Hardeman (Oxford ) that was read in the Legislature today . As Mr Hardeman says .
"In the budget on March 26, the McGuinty government has an opportunity to do the right thing and ensure that people who worked hard for their money have access to it when they need it."
I wont hold my breath as we have been asking them to unlock these pensions for the Seniors and Retire's of Ontario for the past 5 years . It appears that the Liberal Party is not concerned with the struggles of their seniors and those close to retirement wanting to bridge the gap to 65 when they lose their jobs in troubled times .
It seems that the McGuinty Liberals are only concerned about them selves and to hell with the older population.
As I have said in the previous letter we owe the Conservative Party a Thanks for taking up this issue of unlocking locked in pensions 100% for the 55 plus in Ontario .
Please pass this on to your contacts and also the previous letter .
Take Care , Regards Bill C
Mr. Ernie Hardeman (Oxford):
Imagine being a senior who is struggling to make ends meet, and being told by the government that even though you have money, you can’t use it. Imagine needing to repair your house or buy a new car, and being told by the government that you can’t spend your own money to do it.
That’s the situation that many seniors across the province are facing. They are owners of life income funds or locked-in retirement income funds. Both of these types of accounts severely restrict the amount of money that can be withdrawn. In fact, to access the account because of severe financial hardship, you have to apply and actually pay an application fee to try to get access to your own money.
Unlocking these pensions is a simple step the government can take to give people the flexibility they need to manage their own finances. Other provinces already allow significantly more flexibility on when people can withdraw money from these funds. Saskatchewan allows 100% to be withdrawn any time after the age of 55.
Like these other provinces, Ontario should recognize the importance of giving people access to their own money, and allow seniors to withdraw 100% of their life income funds or locked-in retirement income funds. These people worked hard to save for old age. Now that it has arrived, they should be entitled to access these savings.
This change wouldn’t cost the government anything. In fact, people who are finally making much-needed purchases will help the economy.
In the budget on March 26, the McGuinty government has an opportunity to do the right thing and ensure that people who worked hard for their money have access to it when they need it.
Here is a statement from Mr.Ernie Hardeman (Oxford ) that was read in the Legislature today . As Mr Hardeman says .
"In the budget on March 26, the McGuinty government has an opportunity to do the right thing and ensure that people who worked hard for their money have access to it when they need it."
I wont hold my breath as we have been asking them to unlock these pensions for the Seniors and Retire's of Ontario for the past 5 years . It appears that the Liberal Party is not concerned with the struggles of their seniors and those close to retirement wanting to bridge the gap to 65 when they lose their jobs in troubled times .
It seems that the McGuinty Liberals are only concerned about them selves and to hell with the older population.
As I have said in the previous letter we owe the Conservative Party a Thanks for taking up this issue of unlocking locked in pensions 100% for the 55 plus in Ontario .
Please pass this on to your contacts and also the previous letter .
Take Care , Regards Bill C
Mr. Ernie Hardeman (Oxford):
Imagine being a senior who is struggling to make ends meet, and being told by the government that even though you have money, you can’t use it. Imagine needing to repair your house or buy a new car, and being told by the government that you can’t spend your own money to do it.
That’s the situation that many seniors across the province are facing. They are owners of life income funds or locked-in retirement income funds. Both of these types of accounts severely restrict the amount of money that can be withdrawn. In fact, to access the account because of severe financial hardship, you have to apply and actually pay an application fee to try to get access to your own money.
Unlocking these pensions is a simple step the government can take to give people the flexibility they need to manage their own finances. Other provinces already allow significantly more flexibility on when people can withdraw money from these funds. Saskatchewan allows 100% to be withdrawn any time after the age of 55.
Like these other provinces, Ontario should recognize the importance of giving people access to their own money, and allow seniors to withdraw 100% of their life income funds or locked-in retirement income funds. These people worked hard to save for old age. Now that it has arrived, they should be entitled to access these savings.
This change wouldn’t cost the government anything. In fact, people who are finally making much-needed purchases will help the economy.
In the budget on March 26, the McGuinty government has an opportunity to do the right thing and ensure that people who worked hard for their money have access to it when they need it.
I had this emailed to me today and angers me that you worked hard all your life here as a proud CANADIAN and get humiliated like this.Maybe when you are retired you dont need much money.I will rewrite it had a bb code error.
Do not apply for your old age pension....Apply to be a refugee.
It is interesting that the federal government provides a single refugee with a monthly allowance of $1,890.00 and each can get an additional $580.00 in social assistance for a total of $2,470.00
This compares very well to a single pensioner who after contributing to the growth and development of CANADA for 40 or 50 years,can only receive a monthly maximum of $1,012.00 in Old Age Pension and Guaranteed Income Supplement.Maybe our pensioners should apply as refugees!
Lets send this thought to as many Canadians as we can and maybe we can get the refugees cut back to $1,012.00 and the pensioners up to $2,470.00,so they can enjoy the money they were forced to submit to the government for those 40 to 50 years.
Please send this to every Canadian you know.
Do not apply for your old age pension....Apply to be a refugee.
It is interesting that the federal government provides a single refugee with a monthly allowance of $1,890.00 and each can get an additional $580.00 in social assistance for a total of $2,470.00
This compares very well to a single pensioner who after contributing to the growth and development of CANADA for 40 or 50 years,can only receive a monthly maximum of $1,012.00 in Old Age Pension and Guaranteed Income Supplement.Maybe our pensioners should apply as refugees!
Lets send this thought to as many Canadians as we can and maybe we can get the refugees cut back to $1,012.00 and the pensioners up to $2,470.00,so they can enjoy the money they were forced to submit to the government for those 40 to 50 years.
Please send this to every Canadian you know.
Petition Reminder
Hi Everybody ;
The time is getting closer to hand in the petitions to unlock locked in pensions Bill 116 . We would like them sent in by April 10th .
If you haven't downloaded a petition yet . It can be downloaded at Ted Chudleigh's web site .
www.tedchudleigh.com/petitions
Please don't procrastinate and think the next person will do it . If everybody takes that attitude , We are then dead in the water .
If we want these pensions unlocked we have to show that there are a great number of people behind unlocking.
Have your family , children (( There is no age restriction )), friends , neighbors and whoever sign .
Please also pass this on to any contacts you have and also ask for their help .
We Can Do This !!!
The Petitions can be mailed to . Ted Chudleigh , Room 450 Legislative Building , Queen's Park , Toronto , Ontario , M7A 1A8
Or you can mail to me and I will bundle them up and send them on .
Bill Costello , 6 Chub Lake Road , Box 56 , Atikokan Ontario , p0t 1c0
With the economie the way it is there are more and more people everyday that are ending up in locked in pensions .
If these pensions were unlocked it just may help some people bridge their way into retirement instead of having to rely on social assistance .
Thank You and Take Care , Bill Costello , The Ontario Coalition of Independent LIF Holders
Hi Everybody ;
The time is getting closer to hand in the petitions to unlock locked in pensions Bill 116 . We would like them sent in by April 10th .
If you haven't downloaded a petition yet . It can be downloaded at Ted Chudleigh's web site .
www.tedchudleigh.com/petitions
Please don't procrastinate and think the next person will do it . If everybody takes that attitude , We are then dead in the water .
If we want these pensions unlocked we have to show that there are a great number of people behind unlocking.
Have your family , children (( There is no age restriction )), friends , neighbors and whoever sign .
Please also pass this on to any contacts you have and also ask for their help .
We Can Do This !!!
The Petitions can be mailed to . Ted Chudleigh , Room 450 Legislative Building , Queen's Park , Toronto , Ontario , M7A 1A8
Or you can mail to me and I will bundle them up and send them on .
Bill Costello , 6 Chub Lake Road , Box 56 , Atikokan Ontario , p0t 1c0
With the economie the way it is there are more and more people everyday that are ending up in locked in pensions .
If these pensions were unlocked it just may help some people bridge their way into retirement instead of having to rely on social assistance .
Thank You and Take Care , Bill Costello , The Ontario Coalition of Independent LIF Holders
Talking to my "personal banker" just last week.
She said:
Write a letter to the bank manager and plead hard times, and be prepared to document, and they will allow an unlock. Believe 100%. Of course you're gettin taxed up the ying yang for this.
Actually, OUR rsp's......it is to laugh :lol::lol::lol::lol: A mouse would starve. A cockaroach even.
Just what I was told. They've never steered me wrong before. Lotta bull, but no bum steer.
whatever.
Half way there
Hi Everybody ;
Below is a press release that Susan Eng of CARP has sent out .
The Coalition of Independent LIF holders would like to Thank CARP for all the efforts they have put into have these pensions unlocked . We in the Coalition and also CARP will be continuing the fight to have these funds unlocked 100%
As Susan Eng has stated in her Press release that she is concerned with he GST/PST Harmonization .
I am also concerned .
The Liberals are trying to pull the wool over the eyes of the Ontario Citizens again with a out and out tax grab . If they were sincere about helping business and the citizens of Ontario . Why did they not lower the PST to 5% it would have at least come close to leveling the field .
The way it stands . With the tax on Electricity and Heating and not taking into consideration the other items that will be taxed . The $1000 and the tax credits will be gobbled up pretty fast . I wish some of these people would have to spend 1 year in the boots of people that live in the north on the average income here and just see how far their credits go . Not saying that people in the GTA and all of Ontario will be any better off.
Bill C
March 26, 2009
CARP warns that proposal for $1,000 cheques diverts attention from potential tax grab but applauds major gain for retirees with locked in retirement funds
Toronto, Ontario: CARP warns that the proposal to send out $1,000 cheques diverts attention from potential tax grab but applauds major gain for retirees with locked in retirement funds.
GST/PST harmonization hides tax grab
People planning how they will spend their $1000 cheque from the provincial government will have to think twice. First not everyone gets the $1000. Families with 2 or more people, this includes single parents, will get the $1000. Single people, including those 65plus, only get $300 – and it’s spread over 3 payments.
The cut-off is $166,600 for families and $82,000 for singles – those with incomes above these amounts will not receive the transitional payments.
These payments were meant to soften the blow from the increase in Retail Sales Taxes due to the new combined tax now applying to goods and services that were not taxable provincially before harmonization. Based on government analysis of consumption patterns, people could be paying from $185 to $1000 more in sales taxes due to this change. The budget papers say that even after the $300/$1000 one time only payments have stopped, taxpayers will still be ahead but that depends on believing that businesses that stand to gain the most from this change will pass their savings through to consumers.
One huge flaw in this analysis is that some products like home heating oil- which is a major expense for most families, especially older Canadians, - is not much subject to competitive pressures.
“Instead of exempting essential products like home heating fuel, the government is leaving it to taxpayers to pressure businesses to pass through their savings,” said Susan Eng, Vice President, Advocacy, CARP. “Increasing sales taxes is no way to stimulate consumer spending and it in fact hurts those who have no choice but spend on necessities.”
Unlocking LIFs – increased from 25% to 50%
The good news for older Canadians who have locked in funds [LIFs] is that they will now be able to unlock up to 50% of their LIFs, up from the limit of 25%. CARP has called for full unlocking to allow people to access their own money, especially in these difficult economic times. In fact there could be more tax revenues as people spend on their immediate needs.
CARP has also called for the elimination of the fees payable when people get their fundes unlocked through financial hardship applications. Budget 2009 proposes to waive the fees – 2% of the amount withdrawn – minimum $200 to maximum of $600 –for 2 years only. CARP calls for a permanent elimination of these fees.
“It’s bad enough that people in dire financial circumstances can't get at their own money without a lot of bureaucracy – the fees were an unnecessary extra burden and should be eliminated permanently but CARP members will appreciate this temporary relief. It shows that the government is listening,” said Eng.
But CARP cautions that unlocking LIFs also mean that the funds are no longer creditor proof which is an important consideration in difficult economic times.
Pension reform proposals recognize need to protect retirees and broader access to pension plans
The proposals for pension reform are responsive to the calls for urgent reform and balancing the interests of employers and employees. For example the temporary funding relief requires the approval of plan beneficiaries which includes retirees, and greater limitations on contribution holidays. There is a nod to larger pension funds providing administrative support for smaller funds and mention of something approaching a universal pension plan which CARP has called for consistently as well as a pension summit to involve retirees in pension reform deliberations.
“The budget proposals acknowledge the urgent need for pension reform, including rebalancing the interest of employers and employees, protecting pensioners, considering a universal pension plan and involving retirees and other stakeholders in pension reform deliberations. CARP members who have become increasingly anxious about their retirement security will welcome these proposals,” added Eng
CARP is a national, non-partisan, non-profit organization committed to advocating for a New Vision of Aging for Canada, social change that will bring financial security, equitable access to health care and freedom from discrimination. CARP seeks to ensure that the marketplace serves the needs and expectations of our generation and provides value-added benefits, products and services to our members. Through our network of chapters across Canada, CARP is dedicated to building a sense of community and shared values among our members in support of CARP’s mission.
Hi Everybody ;
Below is a press release that Susan Eng of CARP has sent out .
The Coalition of Independent LIF holders would like to Thank CARP for all the efforts they have put into have these pensions unlocked . We in the Coalition and also CARP will be continuing the fight to have these funds unlocked 100%
As Susan Eng has stated in her Press release that she is concerned with he GST/PST Harmonization .
I am also concerned .
The Liberals are trying to pull the wool over the eyes of the Ontario Citizens again with a out and out tax grab . If they were sincere about helping business and the citizens of Ontario . Why did they not lower the PST to 5% it would have at least come close to leveling the field .
The way it stands . With the tax on Electricity and Heating and not taking into consideration the other items that will be taxed . The $1000 and the tax credits will be gobbled up pretty fast . I wish some of these people would have to spend 1 year in the boots of people that live in the north on the average income here and just see how far their credits go . Not saying that people in the GTA and all of Ontario will be any better off.
Bill C
March 26, 2009
CARP warns that proposal for $1,000 cheques diverts attention from potential tax grab but applauds major gain for retirees with locked in retirement funds
Toronto, Ontario: CARP warns that the proposal to send out $1,000 cheques diverts attention from potential tax grab but applauds major gain for retirees with locked in retirement funds.
GST/PST harmonization hides tax grab
People planning how they will spend their $1000 cheque from the provincial government will have to think twice. First not everyone gets the $1000. Families with 2 or more people, this includes single parents, will get the $1000. Single people, including those 65plus, only get $300 – and it’s spread over 3 payments.
The cut-off is $166,600 for families and $82,000 for singles – those with incomes above these amounts will not receive the transitional payments.
These payments were meant to soften the blow from the increase in Retail Sales Taxes due to the new combined tax now applying to goods and services that were not taxable provincially before harmonization. Based on government analysis of consumption patterns, people could be paying from $185 to $1000 more in sales taxes due to this change. The budget papers say that even after the $300/$1000 one time only payments have stopped, taxpayers will still be ahead but that depends on believing that businesses that stand to gain the most from this change will pass their savings through to consumers.
One huge flaw in this analysis is that some products like home heating oil- which is a major expense for most families, especially older Canadians, - is not much subject to competitive pressures.
“Instead of exempting essential products like home heating fuel, the government is leaving it to taxpayers to pressure businesses to pass through their savings,” said Susan Eng, Vice President, Advocacy, CARP. “Increasing sales taxes is no way to stimulate consumer spending and it in fact hurts those who have no choice but spend on necessities.”
Unlocking LIFs – increased from 25% to 50%
The good news for older Canadians who have locked in funds [LIFs] is that they will now be able to unlock up to 50% of their LIFs, up from the limit of 25%. CARP has called for full unlocking to allow people to access their own money, especially in these difficult economic times. In fact there could be more tax revenues as people spend on their immediate needs.
CARP has also called for the elimination of the fees payable when people get their fundes unlocked through financial hardship applications. Budget 2009 proposes to waive the fees – 2% of the amount withdrawn – minimum $200 to maximum of $600 –for 2 years only. CARP calls for a permanent elimination of these fees.
“It’s bad enough that people in dire financial circumstances can't get at their own money without a lot of bureaucracy – the fees were an unnecessary extra burden and should be eliminated permanently but CARP members will appreciate this temporary relief. It shows that the government is listening,” said Eng.
But CARP cautions that unlocking LIFs also mean that the funds are no longer creditor proof which is an important consideration in difficult economic times.
Pension reform proposals recognize need to protect retirees and broader access to pension plans
The proposals for pension reform are responsive to the calls for urgent reform and balancing the interests of employers and employees. For example the temporary funding relief requires the approval of plan beneficiaries which includes retirees, and greater limitations on contribution holidays. There is a nod to larger pension funds providing administrative support for smaller funds and mention of something approaching a universal pension plan which CARP has called for consistently as well as a pension summit to involve retirees in pension reform deliberations.
“The budget proposals acknowledge the urgent need for pension reform, including rebalancing the interest of employers and employees, protecting pensioners, considering a universal pension plan and involving retirees and other stakeholders in pension reform deliberations. CARP members who have become increasingly anxious about their retirement security will welcome these proposals,” added Eng
CARP is a national, non-partisan, non-profit organization committed to advocating for a New Vision of Aging for Canada, social change that will bring financial security, equitable access to health care and freedom from discrimination. CARP seeks to ensure that the marketplace serves the needs and expectations of our generation and provides value-added benefits, products and services to our members. Through our network of chapters across Canada, CARP is dedicated to building a sense of community and shared values among our members in support of CARP’s mission.
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Hi Everybody ;
I just thought I best let everybody know . Even though the McGuinty Government has opened up 50% unlocking of Ontario LIF's .
We are not letting up . We still need the petitions sent in supporting Ted's Private Members Bill 116 .
If we have a little bit of luck on our side we could get the Bill passed if McGuinty allows a free vote and we have the support of the Conservatives and NDP .
If not at least it will be a good launch into the next election and at that time I am sure the party that gets in will unlock these pensions fully with protection of RRIF's from creditors .
If the people of Ontario vote in this so called Premier again . Then all I can say is we deserve what we vote for .
Take Care Bill C
I just thought I best let everybody know . Even though the McGuinty Government has opened up 50% unlocking of Ontario LIF's .
We are not letting up . We still need the petitions sent in supporting Ted's Private Members Bill 116 .
If we have a little bit of luck on our side we could get the Bill passed if McGuinty allows a free vote and we have the support of the Conservatives and NDP .
If not at least it will be a good launch into the next election and at that time I am sure the party that gets in will unlock these pensions fully with protection of RRIF's from creditors .
If the people of Ontario vote in this so called Premier again . Then all I can say is we deserve what we vote for .
Take Care Bill C
Hi Everybody;
I would like to say a great big THANK YOU to all of you that sent in e-mails to the Premier and Finance Minister of Ontario as well as sending letters to the MPP's of all party's .
I would also like to say a BIG THANK YOU to Susan Eng and CARP for their continuing efforts in having these pensions unlocked .
I would also like to thank you for the time you have taken to go out and get petitions signed in support of Bill 116.
The petition will be read by various MPP's of the Conservative Party in the legislature starting shortly .
If you haven't sent in your petitions yet , you can send them in now. If you haven't yet got one filled out .
It is not too late . Better Late then never .
The petition can be found here . Http://www.tedchudleigh.com/petitions
Well We All have finally convinced the Liberal Government to unlock a additional 25%.
While this is a nice gesture and we are thankful this is not enough !!!!!
Why should Government be interfering in a persons own private pension savings ?? We do not need government telling us how we should set up our budget for retirement.
We in LIF pensions do not have the protection of company pension plans . We do not get Government Bail Outs .
We say how our money is invested the same as a person with a regular unlocked RRSP.
Why ???? Then should we be treated differently and have our money locked in ?
We make our own GAINS and SUFFER OUR OWN LOSSES . WE do this with no help from government .
Why then should Government be DICTATING how our money is spent during our retirement years .
LAST BUT NOT LEAST .
Why should WE and the TAX PAYER be shelling out millions of dollars to FSCO to regulate these funds.
It Just doesn't make sense . ANOTHER TOTAL WASTE OF MONEY BY GOVERNMENT !!!
Anyway . THANK YOU AGAIN for all the time you have put into this.
Bill C PS> This isn't over yet . We do not have 100% . More letters are needed to MPP's .
I would like to say a great big THANK YOU to all of you that sent in e-mails to the Premier and Finance Minister of Ontario as well as sending letters to the MPP's of all party's .
I would also like to say a BIG THANK YOU to Susan Eng and CARP for their continuing efforts in having these pensions unlocked .
I would also like to thank you for the time you have taken to go out and get petitions signed in support of Bill 116.
The petition will be read by various MPP's of the Conservative Party in the legislature starting shortly .
If you haven't sent in your petitions yet , you can send them in now. If you haven't yet got one filled out .
It is not too late . Better Late then never .
The petition can be found here . Http://www.tedchudleigh.com/petitions
Well We All have finally convinced the Liberal Government to unlock a additional 25%.
While this is a nice gesture and we are thankful this is not enough !!!!!
Why should Government be interfering in a persons own private pension savings ?? We do not need government telling us how we should set up our budget for retirement.
We in LIF pensions do not have the protection of company pension plans . We do not get Government Bail Outs .
We say how our money is invested the same as a person with a regular unlocked RRSP.
Why ???? Then should we be treated differently and have our money locked in ?
We make our own GAINS and SUFFER OUR OWN LOSSES . WE do this with no help from government .
Why then should Government be DICTATING how our money is spent during our retirement years .
LAST BUT NOT LEAST .
Why should WE and the TAX PAYER be shelling out millions of dollars to FSCO to regulate these funds.
It Just doesn't make sense . ANOTHER TOTAL WASTE OF MONEY BY GOVERNMENT !!!
Anyway . THANK YOU AGAIN for all the time you have put into this.
Bill C PS> This isn't over yet . We do not have 100% . More letters are needed to MPP's .
Bill 116 Second reading date has been changed .
There has been a sudden change announced by the Speaker’s Office. Ted’s Private Member’s Business day has been moved up one week. Therefore, Bill 116 will be debated on May 14th instead of May 7th. It seems there was some sort of scheduling error.
Ted has received a good number of petitions and these will be read in the legislature starting Thursday and periodicly leading up to the second reading of Bill 116
Take Care Bill C
There has been a sudden change announced by the Speaker’s Office. Ted’s Private Member’s Business day has been moved up one week. Therefore, Bill 116 will be debated on May 14th instead of May 7th. It seems there was some sort of scheduling error.
Ted has received a good number of petitions and these will be read in the legislature starting Thursday and periodicly leading up to the second reading of Bill 116
Take Care Bill C
Hi Everybody ;
Feel free to pass on to your news papers and contacts .
Regards Bill C
For immediate release
Chudleigh Reads Locked-In Pension Petitions at Queen’s Park
Seniors Seek Independence and Respect through Halton MPP’s Private Members Bill
(Queen’s Park - April 27, 2009)
Today in the Ontario Legislature, PC MPP Ted Chudleigh (Halton) read into the record some of the first of hundreds of signatures which call on the Ontario government to allow retirees one hundred percent access to their locked-in pension accounts.
The McGuinty Liberals recently raised the allowed withdrawal of locked-in funds to fifty percent but Chudleigh says that doesn't go far enough.
“For too long, the government has controlled the hard-earned pension money of Ontarians, rationing out pension income like parents giving allowance to their children,” said Chudleigh. “During these trying economic times, seniors need financial flexibility not financial shackles.”
The petition calls for all-party support for Bill 116, Chudleigh’s Private Member’s Bill which would allow retirees to transfer accrued pension assets out of locked-in funds at the time of retirement, as early as age 55.
“Unlocking pensions means respect for seniors, a boost for the economy and a step towards fairness for Ontario and all its citizens,” said Chudleigh. “It is an optimistic idea that places faith in the individual above the heavy hand of government.”
Chudleigh said that the current system assumes that seniors are not responsible enough to manage their own retirement finances.
“Considering that retirees have generally shown fiscal wisdom and prudence throughout their lives, through the sound management of accounts and investments, as owners of houses and automobiles, as parents and grandparents, through community involvement, and as valued employees and employers, it is not right that they are treated with such disrespect,” said Chudleigh. “It’s time we start treating seniors like adults.”
Bill 116 will be debated in the Legislative Assembly on May 14th, 2009. Chudleigh plans to read the petition regularly before that date.
To view a copy of the petition, please visit:
http://www.tedchudleigh.com/files/symlink/...onspetition.PDF
For information contact:
Ben Ellis @ 416-325-5747
Feel free to pass on to your news papers and contacts .
Regards Bill C
For immediate release
Chudleigh Reads Locked-In Pension Petitions at Queen’s Park
Seniors Seek Independence and Respect through Halton MPP’s Private Members Bill
(Queen’s Park - April 27, 2009)
Today in the Ontario Legislature, PC MPP Ted Chudleigh (Halton) read into the record some of the first of hundreds of signatures which call on the Ontario government to allow retirees one hundred percent access to their locked-in pension accounts.
The McGuinty Liberals recently raised the allowed withdrawal of locked-in funds to fifty percent but Chudleigh says that doesn't go far enough.
“For too long, the government has controlled the hard-earned pension money of Ontarians, rationing out pension income like parents giving allowance to their children,” said Chudleigh. “During these trying economic times, seniors need financial flexibility not financial shackles.”
The petition calls for all-party support for Bill 116, Chudleigh’s Private Member’s Bill which would allow retirees to transfer accrued pension assets out of locked-in funds at the time of retirement, as early as age 55.
“Unlocking pensions means respect for seniors, a boost for the economy and a step towards fairness for Ontario and all its citizens,” said Chudleigh. “It is an optimistic idea that places faith in the individual above the heavy hand of government.”
Chudleigh said that the current system assumes that seniors are not responsible enough to manage their own retirement finances.
“Considering that retirees have generally shown fiscal wisdom and prudence throughout their lives, through the sound management of accounts and investments, as owners of houses and automobiles, as parents and grandparents, through community involvement, and as valued employees and employers, it is not right that they are treated with such disrespect,” said Chudleigh. “It’s time we start treating seniors like adults.”
Bill 116 will be debated in the Legislative Assembly on May 14th, 2009. Chudleigh plans to read the petition regularly before that date.
To view a copy of the petition, please visit:
http://www.tedchudleigh.com/files/symlink/...onspetition.PDF
For information contact:
Ben Ellis @ 416-325-5747