Ontario, Canada. 30M.
I'm in a terrible place financially right now. I've been on and off work (at the same job) for the past 3 years, due to musical issues. I most recently went off in January of this year, and my claim for disability benefits through my employers insurance was denied. I'm suing them for those lost benefits, but that's not super relevant right now. At the end of June, I was evicted, and the same week was informed by my work that I was terminated. They claim with cause so I won't be getting termination or severance from them. I have applied for EI, but doubt I'll be eligible because my employer claimed termination with cause. My only income right now is OW (social assistance.) I have an appointment with my specialist at the end of the month to discuss applying for CPP-D and ODSP, but even if approved, those processes can take 6 months or more.
I got my final pension statement today and I have until October to direct those funds (about $15,000) to a RRSP or LIRA account.
I know that there's serious tax implications in touching those funds, and that I lose all the future investment value of those, but given the present need for money, should I consider withdrawing it? From what I'm reading Ontario law allows people to apply to withdraw locked in funds due to financial hardship, and everything I've read so far makes me think I would be eligible.
I'm in a terrible place financially right now. I've been on and off work (at the same job) for the past 3 years, due to musical issues. I most recently went off in January of this year, and my claim for disability benefits through my employers insurance was denied. I'm suing them for those lost benefits, but that's not super relevant right now. At the end of June, I was evicted, and the same week was informed by my work that I was terminated. They claim with cause so I won't be getting termination or severance from them. I have applied for EI, but doubt I'll be eligible because my employer claimed termination with cause. My only income right now is OW (social assistance.) I have an appointment with my specialist at the end of the month to discuss applying for CPP-D and ODSP, but even if approved, those processes can take 6 months or more.
I got my final pension statement today and I have until October to direct those funds (about $15,000) to a RRSP or LIRA account.
I know that there's serious tax implications in touching those funds, and that I lose all the future investment value of those, but given the present need for money, should I consider withdrawing it? From what I'm reading Ontario law allows people to apply to withdraw locked in funds due to financial hardship, and everything I've read so far makes me think I would be eligible.