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OC 632/2014 - The Pension Benefits Amendment Regulations, 2014 (No. 2) (Minister of Justice and Attorney General)
Description:

Title: The Pension Benefits Amendment Regulations, 2014 (No. 2)

Minister: Minister of Justice and Attorney General

Summary: On filing date, these regulations will amend RRS P-6.001 Reg 1 to:

- permit, but not require, a registered pension plan to allow a person entitled to a benefit under the plan who has not commenced his or her pension to withdraw an amount equal to the commuted value of his or her pension from the pension plan, if the person meets the specified non-residency eligibility requirements;

- require a locked-in retirement account (LIRA) contract to allow the owner of the contract to withdraw the funds held in a LIRA contract, if the owner of the contract meets the specified non-residency eligibility requirements;

- specify the following eligibility requirements for a person no longer resident in Canada to withdraw his or her pension money from a pension plan or LIRA contract:

- the person must be a non-resident of Canada as determined for the purposes of the Income Tax Act (Canada) (ITA);

- the person must not have resided in Canada for at least two consecutive years;

- the person must provide the administrator or issuer of the contract with written evidence that the Canada Revenue Agency (CRA) has determined that the person is a non-resident of Canada for the purposes of the ITA;

- the person must complete and file with the administrator or issuer of the contract a certificate of non-residency; and

- if the person has spouse, the person must obtain the spouse’s consent to withdrawal and waiver of entitlement and file a copy of the completed form with the administrator or issuer of the contract.

See: The Pension Benefits Act, 1992, section 69





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