LIFs at a glance
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
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.
Little details that matter
Minimum and maximum withdrawals by age