I'm 50 years of age or older and have decided to stop working and retire. Am I eligible to redeem my RRSP+?

According to the redemption criteria for retirement, from the time you are 50 years of age or older and stop working in order to retire, you can submit a redemption request for the shares you hold.

Requirements:

You must be at least 50 years of age, have contributed to the Québec Pension Plan for at least one year and have stopped working within three months of the request

AND

your estimated earned income for the 12-month period following retirement may not exceed 25% of the maximum pensionable earnings set for the year of the request under the Act respecting the Québec Pension Plan.

Document required:

The Fonds de solidarité FTQ form containing a section “Shareholder’s Solemn Declaration” stating that the shareholder’s estimated earned income for the 12 months following the day of the application does not exceed 25% of the maximum pensionable earnings set for the year of the application under the Act respecting the Québec Pension Plan.

AND

proof that the shareholder contributed to the Québec Pension Plan for at least one year. This proof may be made by one of the documents mentioned below, provided that the periods worked for the year of the request are at least for one year, or through a statement of participation in the Québec Pension Plan

AND

If the shareholder has permanently stopped working:

for an employee, provide a copy of the latest record of employment or a declaration from the employer confirming the end of employment

OR

for a self-employed worker, provide a confirmation of termination of activities, such as a copy of the Notice of Striking Off of the business, a copy of an Amending Notice applicable to professional insurance or a copy of the termination of the contracts

OR

for an owner of a business, provide a copy of a document stating the closure of the business, such as a Notice of dissolution, an Amending Declaration, a Deed of sale

OR

If the shareholder has not terminated his or her employment relationship yet but has ceased working:

a copy of one of the following documents:

• employer’s declaration that the shareholder has taken preretirement leave;
• employer’s declaration that the shareholder is on disability leave with wage insurance, the benefits of which do not exceed 25% of the maximum pensionable earnings under the Act respecting the Québec Pension Plan.

Eligible shares:

Except for the exception mentioned below, the minimum holding period of 730 days, provided in the Act, for the application of redemption criteria relating to retirement, phased retirement and shareholders who have reached 65 years of age Fonds de solidarité FTQ share redemptions will be gradually extended as follows:

Exception : Shareholders who are or will turn, during a year, 71 years of age may redeem their Shares without a minimum holding period.