Need cash from his RRSP
Question: Could you please answer a question regarding cashing in an RRSP. I’m having a bit of trouble cashing one in. It is locked in until the anniversary date of June 1 every year. I have been laid off from my job for three months and am facing a severe financial crisis right now: disconnection notices, credit cards being suspended, eviction notices etc. I work in construction and am used to these layoffs.
I usually have 1-2 months’ wages put aside to help cover my living expenses during these periods, but was unable to accomplish that this time. I need to cash in an RRSP and my credit union is reluctant to do this until the anniversary date. Even though there is an interest penalty for early withdrawal I need the money now, not two months from now. Can they withhold these funds until the anniversary date?