Amount transferable from an
LIF to an
RRSP or
RRIF
Each year, you can transfer a specific amount from your
LIF to:
- a registered retirement savings plan (RRSP)
- or
- a registered retirement income fund (RRIF).
The amount transferred must meet the following requirements:
- It must not include the minimum amount that you must withdraw from the
LIF, since that amount must be taken as a cash payment.
- It must not be calculated according to your
RRSP deduction limit
. - It must not increase the yearly maximum that you can withdraw from the
LIF.
The maximum amount that you can transfer from an
LIF to an
RRSP or
RRIF varies depending on whether you have applied for a temporary income from an
LIF. For additional information and examples, consult:
Note that...
- For the transfer of your
LIF to an
RRSP or
RRIF to be tax exempt, all fiscal rules must be followed.
- The Canada Revenue Agency sets the minimum yearly amount to be withdrawn from an
LIF, which corresponds to the
minimum amount to be withdrawn from an
RRIF . The minimum is $0 the year in which the
LIF is opened.
See also