PART I INTERPRETATION
 22.2 (1) This section applies if the amount to be transferred under clause 42 (1) (b) of the Act or subsection 42 (12) of the Act into a prescribed retirement savings arrangement is greater than the amount prescribed for such a transfer under the
Income Tax Act (Canada).  O. Reg. 144/00, s. 18; O. Reg. 49/17, s. 4 (1). (2) The portion of the amount to be transferred that does not exceed the amount prescribed for such a transfer under the Income Tax Act (Canada) must be transferred into a life income fund or a locked-in retirement account.  O. Reg. 144/00, s. 18; O. Reg. 239/09, s. 13. (3) If the excess amount has been transferred directly or indirectly into a life income fund, a locked-in retirement income fund or a locked-in retirement account, the owner of the fund or account may, upon application in accordance with this section, withdraw money from the fund or account in an amount not greater than the sum of, (a)  the excess amount; and (b)  any subsequent investment earnings, including any unrealized capital gains or losses, attributable to the excess amount as calculated by the financial institution that administers the fund or account.  O. Reg. 144/00, s. 18. (4) The amount that may be withdrawn under subsection (3) is calculated as of the date on which the financial institution pays the money to the owner from the fund or account in accordance with this section.  O. Reg. 144/00, s. 18. (5) An application to withdraw money from a fund or account must be given to the financial institution that administers the fund or account.  O. Reg. 144/00, s. 18. (6) The application must be made on a form approved by the Chief Executive Officer.  O. Reg. 144/00, s. 18; O. Reg. 149/19, s. 1. (7) The application form must be signed by the owner and accompanied by one of the following documents: 1.  A written statement from the administrator of the pension plan from which money was transferred into the fund or account setting out the excess amount that was transferred into the fund or account. 2.  A written statement from the Canada Revenue Agency setting out the excess amount that was transferred into the fund or account.  O. Reg. 144/00, s. 18; O. Reg. 242/00, s. 1; O. Reg. 386/04, s. 5. (8) The contract governing the fund or account must include the following terms and, if it does not, the contract shall be deemed to include them: 1.  The financial institution is entitled to rely upon the information provided by the owner in an application made under this section. 2.  An application that meets the requirements of this section constitutes authorization to the financial institution to make the payment from the fund or account, as the case may be, in accordance with this section. 3.  The financial institution is required to make the payment to which the owner is entitled under this section within 30 days after the financial institution receives the completed application form and accompanying document.  O. Reg. 144/00, s. 18; O. Reg. 416/07, s. 4. (9) In this section, “excess amount” means the portion of the amount transferable under clause 42 (1) (b) of the Act or subsection 42 (12) of the Act into a prescribed retirement savings arrangement that is greater than the amount prescribed for such a transfer under the Income Tax Act (Canada).  O. Reg. 144/00, s. 18; O. Reg. 49/17, s. 4 (2). Commutation or Surrender of Prescribed Retirement Savings Arrangements