Any monthly benefits would be at a reduced rate compared to what would be available to that person at age 65. It is not a condition of eligibility for OW that a person applies for early Canada or Quebec retirement pensions. However, an applicant must be advised of this potential financial resource. The decision to make an application for the early retirement benefits remains with the client.
Any realized income is to be deducted as outlined in legislation.
The intent of the changes to this Act was to add flexibility for a person facing financial hardship to access locked-in retirement accounts at the person s discretion. The Amendment specifically provides that a person s entitlement to access funds from the specified locked-in retirement accounts shall not be relevant when determining the income or assets available to that person under any other Act. There is no change in current program policy regarding treatment of locked-in retirement accounts for the purposes of eligibility for financial assistance under the OW program. The option to access locked-in retirement accounts is not considered when making a determination of income or assets available to an OW applicant or participant. However, if a person chooses to access these funds, the monies are considered as income and assets when determining OW eligibility.