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Our response:

In short, yes but it depends. Generally, money within a locked-in or restricted account are for the purpose of providing pension income post retirement. In certain circumstances funds can be withdrawn in cases of financial hardship or in other limited circumstances. Be aware that there also may be tax consequences for withdrawing.

The Financial Services Regulatory Authority (FSRA) regulates pensions, LIRAs, and LIFs in Ontario. For more information you may contact FSRA about the process and documents that are required.