How do I unlock a locked-in RRSP?
August 14, 2006 7:38 AM Subscribe
I have a locked-in RRSP (well, at the moment a DCPP) in Ontario, Canada. Please please please help me unlock it!
posted by loquax to Work & Money (7 answers total)
I paid attention to this account for the first time after leaving my previous employer. Apparantly I've been contributing money for years to a locked-in account like a sucker. Now I'm furious that this was never made clear to me, and I want to unlock it and do whatever the hell I want with it. Well, mostly I want to be able to use my RRSP funds as a downpayment (subject to all those rules), but I can't, because it's locked in. So I'd like to either unlock the funds and continue to hold them in a regular RRSP account, or withdraw the cash altogether out of spite.
Everything I read says no way. It doesn't appear that it's possible, but if anyone has any experience with this, even to confirm that it's impossible and that I should give up trying, I'd really appreciate it.
(PS: Before anyone says anything, I know how important retirement savings are, this account is not my main source of RRSP funds and my tax situation is such that I wouldn't pay anything even if I were to withdraw it in cash).