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Life Income Funds (LIFs)

A type of registered retirement income fund

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LIFs at a glance

What is a Life Income Fund (LIF)?

A LIF1 is a registered fund that acts as an extension of your locked-in retirement account (LIRA) or supplemental pension plan. Funds transferred to a LIF are sheltered from tax and can be withdrawn to provide retirement income.

Useful if you’re looking to:

  • Access funds in a LIRA as you approach retirement
  • Withdraw regular amounts each year
  • Choose your payment frequency
  • Let your investments grow tax-free ahead of your retirement

Age limit

71 years

You must transfer the funds from your LIRA to a LIF no later than December 31 of the year you turn 71.

Minimum annual withdrawal

Varies depending on your age

The government requires you to make a minimum withdrawal each year. The percentage used to calculate the amount increases with your age. Withdrawals that exceed the minimum amount are taxed as income.

Maximum annual withdrawal

Varies depending on the province

The maximum withdrawal you can make is calculated based on your age, the balance of your LIF, and the LIF reference rate that is set each year. There is an annual limit on how much you can withdraw from your LIF, unlike a RRIF.

Speak to an advisor to get help and answers to your questions.

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Tip

Approaching retirement? It's time to max out your RRSP and use up any remaining contribution room!

Little details that matter

Minimum and maximum withdrawals by age

For LIF minimum and maximum withdrawal amounts, see our detailed table.

Legal disclaimer

1. LIFs are subject to applicable federal and provincial legislation depending on the jurisdiction of the retirement plan from which the funds originated.

Another great option

TFSA

Earn tax-free interest on your savings and access your funds any time.

See our TFSAs

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Ready to talk about retirement?

Speak to an Investment and Retirement Development Manager to find the solution that's right for you.

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