Did you know that you can dip into your Fonds RRSP for reasons other than retirement or to buy your first home? There are 17 other reasons that allow you to redeem your shares.
The Fonds “Redemption Request - Severe ans prolonged disability”ANDA copy of one of the following documents attesting the severe and prolonged disability:
Notice of Acceptance by the Québec Pension Board as the beneficiary of a disability pensionOR“Redemption Request – Severe Long-Term Disability” form and a declaration from a physician attesting to the severe and prolonged disability, which results in permanent unfitness for work.
The shareholder must have received an offer to improve pension plan benefits if the offer is not already mentioned in the plan and is time-limitedORmust have received an offer from the employer when enrolling in a new plan or changing jobs or employee status to improve the benefits of a pension plan. This offer must be time-limitedANDmust show that the proceeds of the purchase will be used to acquire pension credits for years of past service or to improve the pension payable by a pension planANDmust have liquidated or used all his redeemable investments (including RRSPs and LIRAs), the purchase of the Shares being the last resort.
This criterion can only be invoked once by the shareholder.The cheque is issued to the pension fund and direct transfer to the pension plans is permitted. Total authorizations under this criterion cannot exceed 10% of the annual limit set for the Fond by the Québec Taxation Act.
1The application must have been received within one year of the loss.
The Fonds' "Ineligibility for Tax Credits" formANDproof that the tax credits were claimed and refused by the Québec and Federal GovernmentsORproof that the shareholder is not eligible for tax credits.
The shareholder must show that the business is duly constitutedANDmust show that he or she is the owner of the business (alone or with others) and participates in the decision-making processANDmust show that the injection of capital will create or maintain at least one full-time permanent job ANDmust show that the business is a going concern.
The Fonds’ “Redemption Request – Capital Injection into a Business Founded or Acquired less than a Year Ago” formANDa declaration of registration or certificate of incorporationANDproof of creation or maintenance of a full-time permanent job.
If the job created or maintained is the shareholder’s, provide one of the following:
The shareholder or his or her spouse must show the reason for the decrease in income (loss of employment or end of sole contract, involuntary reduction in regular work hours or dissolution of a union or decrease or end of shareholder’s benefits)ANDmust show that the net income has decreased by 20% or more for a minimum consecutive period of two monthsANDmust have liquidated all redeemable investments (including any other RRSP), the purchase of the Shares being the last resortANDin the case of the loss of employment or the end of the sole contract, show that the shareholder or his or her spouse worked at the employment or sole contract for a minimum of 28 hours per week for a least two months.
Payments not exceeding $5,000 net each.A minimum two-month interval is required between payments.ORA single payment representing the total account value as long as its value is lower than $10 000.Shares purchased after the involuntary reduction in net income cannot be redeemed under this criterion.
The shareholder or his or her spouse must be in position of decreasing income caused by a temporary disabilityANDmust show that the gross income has decrease by 30 % or more for a minimum consecutive period of two consecutive months.ANDmust have liquidated or used all redeemable investments (including any other RRSP), the purchase of the Shares being the last resort.
The Fonds’ “Redemption Request Reduction in Gross Income” formANDa medical certificate attesting to the disability for a minimum period of two consecutive monthsANDproof of the decrease in shareholder's gross income for the period of two consecutive months ans proof ao gross income for the month preceding the decreaseORWritten confirmation from the shareholder's or the shareholder's spouse's employer or insurer attesting to the payment of disability benefits caused by 30 % gross incomedecrease fo a minimum consecutive period of two consecutive monthsANDif the decrease in gross incomeconcerns the shareholder'spouse, provide a proof of gross family income from the month preceding the decreaseANDProof that all other redeemable investments have been liquidated or cannot be redeemed.
A maximum of two payments of $5,000 net each in a minimum two month interval between each paymentORa single payment representing the total account value as long as its value is lower $10,000.Shares purchased after the temporary disability cannot be redeemed under this criterion.
For the residence: final notice from the hypothecary creditor or prior notice to exercise a hypothecary right or eviction notice from the landlord.
For public utility: notice of service interruption.
Montréal: 514 383-FONDs (3663)
Québec City: 418 628-FONDs (3663)
Toll free: 1 800 567-FONDs (3663)
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