- LIFs are subject to applicable federal and provincial legislation depending on the jurisdiction of the retirement plan from which the funds originated.
- To see the definition of “spouse” that applies to LIRAs, visit the Retraite Québec website.
Safeguard your pension fund until retirement
A LIRA allows you to transfer the funds accumulated in a former employer’s pension plan to an individual, tax-sheltered plan. Generally speaking, you can't make contributions to this account or withdraw money from it before retirement.
71 years
You can hold a LIRA until December 31 of the year in which you reach age 71. After this, your LIRA must be converted to a life income fund (LIF)1.
With some exceptions
Unlike RRSPs, it is not possible to withdraw funds from a LIRA. The exceptions to this are death, reduced life expectancy and non-residence in Canada for two years. To withdraw funds, you must convert your LIRA to a life income fund (LIF) or life annuity.
Transfer to spouse
When you die, your LIRA is automatically transferred to your spouse,2 unlike an RRSP, where you can choose the beneficiary.
If you’d like to start investing, there are two solutions available to you.
If you need support, speak with one of our advisors to find the solution that best suits your needs.
Are you a self-directed investor? Fill out the secure online form to start contributing to your LIRA account.
Approaching retirement? It's time to max out your RRSP and use up any remaining contribution room!
Continue enjoying the benefits of tax deferral by converting your LIRA to a LIF.
Speak to an Investment and Retirement Specialist to find the solution that's right for you.
Monday to Thursday,8 a.m. to 6 p.m. (ET)
Friday, 8 a.m. to 5 p.m. (ET)
