Financial hardship unlocking is available from a locked-in registered retirement savings plan, a life income fund, a restricted life income fund or a restricted locked-in savings plan. Generally, withdrawals for financial hardship reasons can be made once per calendar year.
However, whether the person has one savings plan or multiple savings plans, it is possible to withdraw funds from these savings plans more than once in the same calendar year as long as this is done within 30 days of the first withdrawal (subject to the maximum dollar amount permitted by the Pension Benefits Standards Regulations, 1985 – refer to the chart in question 2).
An application to unlock funds from one of these locked-in retirement savings plans requires the person to certify that he or she has not previously made any withdrawals from these savings plans in the current calendar year other than a withdrawal(s) made within the last 30 days of the certification (if any).
There is no authority given to the Superintendent of Financial Institutions under the Pension Benefits Standards Act, 1985 or the Pension Benefits Standards Regulations, 1985 to provide extensions to this 30 day time limit.