Characteristics of a life income fund (LIF)

A life income fund is a special registered retirement income fund (RRIF) into which a person can transfer the amounts that are in his or her supplemental pension plan, the locked-in account of a voluntary retirement savings plan (VRSP) or locked-in retirement account (LIRA).

Unlike RRIFs, which have no ceiling on withdrawals, it is not possible to withdraw from an LIF more than the maximum authorized for the year.

To receive a retirement income from an LIF

• Types of income possible (life or temporary income)
• Terms for withdrawals (based on the holder's age)
• Terms for transfers (transfer from an LIF into another LIF, transfer from an LIF into an LIRA, transfer from an LIF into an RRSP or RRIF)

Other useful information

• Are you familiar with LIRAs and LIFs?
• Financial Institutions Offering LIRAs or LIFs