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Unlocking federally locked-in RRSP
March 4, 2014
3:32 pm
Forum Posts: 454
Member Since:
December 7, 2011
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I have a question about unlocking federally locked-in RRSP.

From 2001 I have $35,000 in federally locked-in RRSP.
As far as I understand, it's possible to unlock up to 50% when a person reach the age 55 and over.
Locked-in RRSP issued before May 8, 2008 did not reflect changes to the Pension Benefits Standards Regulations, 1985. Therefore, to unlock my RRSP, I probably will need to purchase a new contract that reflects the amendments to the Regulations, and that will allows unlocking under the new provisions.

Did anybody successfully unlocked 50% of federally locked-in RRSP issued before 2008?
Any advice how to actually do it?

Thank you

March 4, 2014
5:56 pm
British Columbia, Canada
Forum Posts: 4077
Member Since:
December 12, 2009
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Great question, Winnie. This sounds possible and I'm not an expert in how to do such a thing. Hopefully someone here can provide the correct answer, with properly cited hyperlinks. :)

A warning to those looking to reply to Winnie's question: please, do not reply with speculation and innuendo. Please carefully read her question and, if you definitively know the answer, reply with the methods you took and be sure to cite (with direct hyperlinks!) your sources of information. ;)

Hope you receive assistance, Winnie!


March 4, 2014
7:49 pm
Forum Posts: 1110
Member Since:
February 17, 2013
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Found this on taxtips.ca. Hope it helps.

One-time 50% unlocking

Individuals 55 or older will be entitled to a one-time conversion of up to 50% of holdings value into a tax-deferred savings vehicle with no maximum withdrawal limits. If the funds are transferred to the locked-in funds owner's own RRSP or RRIF, this does not require contribution room, and the owner is not taxed until the funds are later withdrawn from the RRSP or RRIF.

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