LIF: Life income fund
The LIF is the result of the conversion into retirement income of the capital accumulated in an RRSP, a LIRA or a locked-in RRSP.
Main features of LIF
The LIF is a registered fund that serves as an extension of your locked-in retirement account (LIRA) or your supplemental pension plan. Money transferred into the LIF is tax-sheltered and can be withdrawn for retirement income.
There is no minimum age for converting your LIRA or RSP to a LIF, and drawing income from it under certain conditions (see the Retraite Québec website). But at the age of 71, you will have to transfer.
The government requires the withdrawal of a minimum amount each year, calculated by a percentage that increases with your age. Amounts exceeding the minimum withdrawal are taxed as income.
Unlike a RRIF, in which there is no limit, it is not possible to withdraw from a LIF more than the maximum allowed each year. The maximum LIF withdrawal is calculated based on age, LIF balance and the reference rate set each year for LIFs.
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