Can I use my RRSP+ if I retire early?

To redeem your RRSP+ starting at 45 years of age, you must have taken or be set to take early retirement under your employer’s registered pension plan within three months of the request.

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

Requirements:

The shareholder must be at least 45 years of age and have taken or be set to take early retirement under the employer’s registered pension plan within three months of the request

AND

their estimated earned income for the 12-month period following the beginning of their retirement will not exceed 25% of the maximum pensionable earnings set for the year of the application 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 shareholders estimated earned income for the 12 months following the day of the application will not exceed 25% of the maximum pensionable earnings set for the year of the application under the Act respecting the Québec Pension Plan.

AND

a copy of one of the following documents confirming the retirement:

• employer’s declaration confirming the shareholder’s retirement along with a copy of the text of the employer’s registered pension plan;
• payment of retirement benefits such as a pension cheque, Relevé 2 or T4A.

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.