Also known as a Locked-in Retirement Savings Plan (LRSP) in some provinces. If you’re leaving an employer where you were part of a pension plan and would like control of it, you could transfer the commuted (lump sum) value of an employee plan to a LIRA/LRSP. It is designed for the accumulation of pension money outside of a pension plan. 


A LIRA has the same tax shelter benefits and can be invested the same as an RRSP however the plan is “Locked” so no additional contributions can be made. Once you retire, withdrawals from the LIRA are able to be made. Other characteristics of a LIRA include:


  • Your savings grow tax free
  • You may not contribute nor withdraw money invested in a LIRA except under certain conditions
  • Similar to a RRIF, upon retirement or in the year you turn 71 years of age, you must convert your LIRA into a Life Income Fund (LIF)

Call 604-260-7150 or complete the form on the right to speak with an Advisor.

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