A LIRA allows you to transfer the funds accumulated in a former employer’s pension plan to an individual, tax-sheltered plan. Generally speaking, you can't make contributions to this account or withdraw money from it before retirement.
With some exceptions
Unlike RRSPs, it is not possible to withdraw funds from a LIRA. The exceptions to this are death, reduced life expectancy and non-residence in Canada for two years. To withdraw funds, you must convert your LIRA to a life income fund (LIF) or life annuity.
Speak to an advisor to get help and answers to your questions.
1. LIFs are subject to applicable federal and provincial legislation depending on the jurisdiction of the retirement plan from which the funds originated.
2. To see the definition of “spouse” that applies to LIRAs, visit the Retraite Québec website.