Canadians facing hardships will be allowed to withdraw up to $22,450 from their federally regulated pension savings accounts, including locked-in RRSPs, under changes announced yesterday by the federal government.
The Finance Department said it was introducing the new rules in how Canadians who have federally regulated life income funds and locked-in registered retirement savings plans as previously promised in the budget.
The new rules only affect about 10 per cent of Canadian pension plans that are federally regulated, although most provinces have already moved to increase flexibility in their locked-in savings plans.
