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LIF - Life Income Funds

A LIF is a specific type of registered retirement income fund (RRIF) to which you can transfer amounts coming from your supplemental pension plan or LIRA. The difference with a RRIF (which has no withdrawl ceiling) is that you can not withdraw more than an authorized maximum amount each year from a LIF.

These accounts allow you to redeem a regular income stream and maintain investment flexibility. If you have a locked-in RRSP or a locked-in Retirement account before the end of the year in which you turn 71, you must roll over your assets into a payout annuity, a LIF, RLIF, PRIF or LRIF.

What can I withdraw from my LIF?
You can withdraw a life income. Futhermore, it is also possible for some people to withdraw a temporary income from their LIF if they meet certain conditions.

Many financial institutions that offer RRIF's also offer LIFs. Contact us today for more indepth information on LIRAs.

 

 

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