I have a Locked-in Retirement Account (LIRA). Is there any way I can get money out of that account?

Byron C. is a 52-year-old labourer in Cambridge with $100,000 looking for growth. He asks: “I have a Locked-in Retirement Account (LIRA). Is there any way I can get money out of that account?”

There are a few ways to get at your cash, but some are not at all pleasant. The Pension Benefit Act was amended in 2000 to allow individuals who qualify under six circumstances of financial hardships to apply for access to the money in their LIRA.

• Low income: Your expected total personal income before taxes for the next 12 months must be less than $26,000.
• Risk of eviction: You must have received a written demand from the creditor for money owed on a debt secured against your residence.
• Risk of eviction from a rented residence: You received written demand for rent owed.
• You need money in order to pay the first and last month’s rental deposits on a residence you wish to rent.
• Or for medical treatment for you, your spouse or same-sex partner or any of their dependents.
• Or for renovations to accommodate the use of a wheelchair or other needs related to a disability or illness.

In addition, two other circumstances have been added to the list.

• Individuals who, in the opinion of a physician, face a shortened life expectancy of two years or less will be allowed to withdraw some or all of the money in their locked-in accounts.
• Individuals who are at least 55 years old and have a total value in all locked-in accounts of less than $15,960 will be allowed to withdraw all the money in their locked-in accounts

Self-directed locked-in accounts are also eligible to hold the owner’s personal mortgage, which is another way to get access to the cash.