You must transfer the funds from your LIRA to a LIF no later than December 31 of the year you turn 71.
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.
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.
Minimum and maximum withdrawals by age