Can we cash out a Group Savings RPP that was acquired through work?
My husband has a RPP that he's had since 2005, his workplace is the "Sponsor", but it is in my husband's name.
I was looking over the statement last night, and it doesnt say anything about whether it's locked in or not.
It does say, however, that he would be 100% vested in Feb/07.. which of course is past.
Can we cash this out to use as a down payment for a lease-to-own house?
It's through Manulife Financial in Ontario Canada…
Thanks!
I am assuming it is Defined Benefit or Defined Contribution Corporate Pension plan. as such, its locked in, and locked-In plans do not qualify for CRA's Home Buyers plan. Only regular RRSP plans qualify.
The only thing you could do it convert it to a LIF and begin distribution to your husband. however, that is probably not a good move for long term financial planning. And I am assuming he is no longer employed by that company.
Can we cash out a Group Savings RPP that was acquired through work?
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