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LIF is an alternative retirement income option created for locked-in RRSPs, LIRAs (Locked-in Retirement Accounts), and other registered pension plan savings. LIF will allow you continued tax-free growth of your investments while giving you control of the investment decisions in your account. Each year you will need to withdraw a certain amount from your LIF that falls between a legislated minimum and maximum amount that is calculated at the beginning of each year. In Ontario at the end of the year in which you turn 80, the remaining funds in the LIF must be used to purchase a life annuity from an insurance company. Our team of experienced financial services representatives is ready to assist you, and will be happy to answer any questions that you have. Contact us for more information. |
