Fhu 4 2025

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The document is an application form (Form FHU 4) issued by the Financial Services Commission of Ontario for individuals seeking to withdraw funds from their locked-in retirement accounts due to financial hardship and low expected income. It outlines eligibility criteria, including a maximum expected income limit of $35,000 for the upcoming year, and specifies that applicants can only apply once per calendar year. The form requires personal information, details about the locked-in account, and certification of the applicant's financial situation. It also includes provisions regarding tax deductions on withdrawals and potential impacts on government benefits.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can you cash out a LIRA early?

Most provinces allow you to withdraw up to 50% of your LIRA when you reach 55 and then transfer those funds to a Registered Retirement Savings Plan (RRSP). If you need to access those funds from your RRSP, the withdrawal will be subject to tax.

What is financial hardship in Lira withdrawal?

Financial Hardship Reasons that allow residents to apply to access funds in their LIRA are: Having low expected income in the upcoming year. Having incurred or expect to incur medical expenses. Being in arrears on rent payment and at risk of being evicted if the rent remains unpaid.

How to show proof of financial hardship?

Examples of evidence that may support your detailed description of extreme financial hardship include: Bank statements; Pay stubs or proof of unemployment; Utility bills; Rental agreements; Medical bills; and. Proof of unstable housing or homelessness.

What is financial hardship unlocking?

The financial hardship unlocking provisions of the Pension Benefit Standards Regulations, 1985 (PBSR) allow for funds to be withdrawn based on one of the following or a combination of both: Low income. The amount that can be unlocked is determined using a sliding scale based on your expected income.

What is a form 4 financial hardship in Ontario?

Purpose of form: This form assists with unlocking locked-in accounts due to low income.