Income from an LIRA or LIF

If you have a locked-in retirement account (LIRA) or a life income fund (LIF), find out the amounts that you will be able to withdraw.

Your LIRA cannot be used to provide a retirement income. To obtain an income, you must transfer the amounts in your LIRA to an LIF or use the amounts to purchase a life annuity from an insurer.

What you need to know

• Types of income from your LIF (life or temporary income)
• Income depending on your age
• LIRA or LIF refunds

• In certain situations, you can:

  • obtain a refund of your LIRA or LIF
  • transfer an amount from your LIF to an RRSP or RRIF
• The ABCs of LIRAs
• The ABCs of LIFs

Other useful information

• Are you familiar with LIRAs and LIFs?
• LIF Quick Calc
• Financial Institutions Offering LIRAs or LIFs
• Flash Retirement's information capsule Using Your Money Wisely During Retirement