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-   -   For Canadians: Locked in Pension Funds are now accessible for medical use (http://www.ispine.org/forum/ispine/1396-canadians-locked-pension-funds-now-accessible-medical-use.html)

Katie 03-28-2009 01:02 PM

For Canadians: Locked in Pension Funds are now accessible for medical use
 
In case anyone else is in the same boat as I am, with a huge surgery fee and no other way to fund it, this may help.

The Canadian government passed legislation last July that allows locked in pension funds (LIRAs & LIFs) to be taken out for medical needs or financial hardship. You can take out 100% for the medical, and a maximum of $22,500 for financial hardship. It is still liable for tax withholding of 10-30%, but it is a new way to fund a surgery if necessary.

I posted in another thread that I thought this was going to be a god-send to me, until I found out that so much has been lost in the current market that I still don't have enough to go to my preferred surgeon. But the market is coming back up, so there is still hope ;)

You can PM for more details if you like.

Just thought I would pass that on to other Canucks :D


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