Locked-In Retirement Plans:
LIRA(Locked In Retirement Account)
LIRA allows you to transfer the funds accumulated under a locked-in retirement savings plan or your ex-employer’s pension plan to an individual plan. Under LIRA your money grows tax-sheltered. You can’t withdraw funds until retirement or under special circumstances.
RLSP (Restricted Locked-in Savings Plan)
RLSP works almost similar to a LIRA account, with federal regulations.
LIF (Life Income Fund)
A LIF acts as an extension of a LIRA once you retire and reach age 71. With a LIF, you may periodically withdraw from the accumulated savings in your pension fund to maintain a comfortable standard of living at retirement.
You must transfer your funds from Locked-in pension plans and LIRA to a LIF by December 31 of the year you turn 71.
The LIF has several features in common with RRIF. However, in addition to minimum withdrawal, they are also subject to a maximum withdrawal limit established by law.
The funds invested in LIF are protected from your creditors.
An advisor can help you manage your investments and the investment income stays tax-sheltered until it is withdrawn.
RLIF (Restricted Life Income Fund)
The RLIF is almost similar to a LIF but regulated under federal regulations. RLSP funds must be transferred to RLIF by December 31 of the year you reach 71. And periodic income starts within maximum and minimum limits set by federal law.
With our expertise and guidance enjoy greater control over your investments.
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