hi, I joined the army in 2000 and got out in 2009...the rule then was that your pensionable earnings must go into a locked in rrsp...I have not touched them since and it is still sitting in the cf's hands somewhere. The rule has changed now I guess...and you are allowed to take out your earnings. Would I be able to do this now? Since I have not moved the money anywhere?
return of contributions
- Thread starter adamius
- Start date
- Reaction score
- 6
- Points
- 430
I'm puzzled...you say it's still sitting in the CF's hands somewhere. When you released, you would have had to complete a form that directs where your transfer value was to be deposited. Are you saying that you didn't have to set up an RRSP, and didn't have to provide the account details for that RRSP to the Release Centre?
Also, even if it were in a locked-in RRSP, there are only certain things that you might be able to use some of the money towards - here's one of the threads dealing with the subject - http://forums.army.ca/forums/threads/111101.0
Also, even if it were in a locked-in RRSP, there are only certain things that you might be able to use some of the money towards - here's one of the threads dealing with the subject - http://forums.army.ca/forums/threads/111101.0
ArmyGuy99
Member
- Reaction score
- 0
- Points
- 210
Since You had less then 10 years like me, you had two options:
1. Take the $$ and run. Some of it would have been put into a locked in RRSP and the rest would have gone into your regular RRSP as long as you had the contribution room. If you didn't have room in your RRSP you would have been paid out and taxed accordingly.
2. Defer your pension until you are 60.
If you deferred your pension, then you are out of luck and cannot access it until you are 60.
Option 1, is by far the best one. I had 6.5 years and got $84k in pension split 50/50 pretty much. With an annual return of about 6% my two RRSP's will position me nicely.
Sorry about your luck.
1. Take the $$ and run. Some of it would have been put into a locked in RRSP and the rest would have gone into your regular RRSP as long as you had the contribution room. If you didn't have room in your RRSP you would have been paid out and taxed accordingly.
2. Defer your pension until you are 60.
If you deferred your pension, then you are out of luck and cannot access it until you are 60.
Option 1, is by far the best one. I had 6.5 years and got $84k in pension split 50/50 pretty much. With an annual return of about 6% my two RRSP's will position me nicely.
Sorry about your luck.
Similar threads
