What is a LIF?
A Life Income Fund (LIF) is a retirement savings account designed to provide regular income from locked-in pension funds (LIRA or VRSP).
A Life Income Fund (LIF) is a retirement savings account designed to provide regular income from locked-in pension funds (LIRA or VRSP).
At age 71, mandatory conversion of LIRA/VRSP to LIF or annuity.
Withdrawals are added to your taxable income.
Strict annual minimum and maximum limits.
Contains various investments suited to the holder.
Funds generally not transferable after conversion.
Designated spouse can receive payments upon death.
Often requires liquidation as an annuity.
"LIF rules vary by province. Consult an expert for your situation."
Contact UsSpecific rules for LIRA and LIF may vary from one province to another in Canada.
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