A discretionary approach would require great resources and time and would involve subjectivity on an individual level, but would recognize catastrophic unforeseen events. Adopt a presumed hardship - formula based approach. The measure provides a temporary income. Appli cations to withdraw funds may be made annually. The withdrawn funds are paid monthly in amounts that do not exceed one-twelfth of the annual amount.
Application is made to the financial institution holding the locked-in funds.
The financial institution may rely on the information and documentation supplied by the applicant. The application may be processed quickly because there is no need for independent verification of the information. There is no appeal for those who do not qualify and no discretion for greater withdrawals. Quebec's provision came into effect in January of 1998. Adopt a presumed hardship - specific situation approach as is currently under consideration in Ontario.