Withdrawals from locked-in accounts

Q – I understand that new legislation was passed by the Ontario Government in March 2000 that allows individuals over 55 to transfer small amounts (under $15,000) from a LIRA (locked-in retirement account) to a regular RRSP. I have inquired in many places but no one seems to know anything about this. Where do I go for more information? – D.F.

A – The reason you haven’t been able to obtain such information is that your facts aren’t quite correct. Ontario did change the rules on locked-in plans but only to permit access to such money under certain conditions. These include financial hardship and shortened life expectancy. For more information check out the Web site of the Financial Services Commission of Ontario at http://www.ontarioinsurance.com – G.P.