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LIRA - Locked-in Retirement Accounts

A LIRA is a specific type of registered retirement savings plan (RRSP), to which you can transfer amounts from a supplemental pension plan or a LIF.

The difference with an RRSP is that the funds in a LIRA are locked-in and can only be used to provide a retirement income. You cannot withdraw them unless you provide a medical certificate certifying that your life expectancy has been reduced because of physical or mental disability. In such a case, you can withdraw all or part of your LIRA balance.

These are accounts that become useful if you're leaving your company and you wish to transfer your pension proceeds to a plan that allows you to choose your investment options.

Can I receive an income from LIRA?
No. LIRAs are used to accumulate retirement savings. To receive an income, you must first transfer the amounts accumulated in your LIRA to a LIF or use the money to purchase a life annuity from an insurer.

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

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