Locked in Retirement Account

A locked-in retirement account (LIRA) is a special type of registered retirement savings plan (RRSP) into which a person can transfer the amounts that are in a supplemental pension plan or a life income fund (LIF).
Unlike a regular RRSP, the amounts in a LIRA are locked-in and can only be used for retirement income. Amounts cannot be withdrawn from an LIRA, except under certain circumstances in which a refund is allowed.
A person can hold a LIRA until 31 December of the year in which he or she reaches age 71, at which point the LIRA must be converted into a Life Income Fund (LIF).

Authorized distributor for The Canada Life Assurance Company, Equitable Life Insurance Company, The Manufacturers Life Insurance Company, Pacific Blue Cross, and Desjardins Financial Security Life Assurance Company. Manulife & Stylized M Design, and Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.

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