Locked-in RIF (LRIF)

Locked-In registered plans including LIRA, LRIF, PRIF, and LIF accounts are commonly available through the same institutions that provide RRSPs, such as banks, trust companies, credit unions, caisses populaires, and investment dealers. They are all considered “registered” plans, and so they are registered with Canada Revenue Agency, and funds in the plan accumulate income on a tax-deferred basis.

In Newfoundland and Manitoba, your commuted value will be transferred to a Locked-in Retirement Income Fund (LRIF). Saskatchewan, Alberta, and Ontario no longer offer LRIFs.

LRIFs are subject to annual minimum and maximum withdrawals. The maximum amount changes between the first and second years of the plan and again for subsequent years. Check with a provider of LRIF accounts to understand how your maximum withdrawals will be determined. The LRIF does not guarantee a benefit to a surviving spouse or partner of the plan holder. It is therefore necessary to have his or her written consent before the plan is established.

Investors have the ability to invest in a variety of investments and achieve tax-free growth in LRIFs.  These investments include Guaranteed Investment Certificates (GICs), mutual funds, segregated funds, Exchange-Traded Funds (ETFs), and stocks and bonds that are listed on an exchange.

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