LRIF/LIF Account

Upon retirement, a LIRA or locked-in RRSP (originating from a pension plan) is converted to a LIF (Life Income Fund)

Life Income Fund (LIF)

If you have an RRSP and/or locked-in savings that came from a pension plan, you have to make a choice about what to do with that money by December 31 of the year that you turn 71.

A LIF is a form of a RRIF, but since the funds originated from a pension plan, there are additional restrictions that can vary from province to province.

Two major differences between a LIF and a RRIF are:

  • Although both require a minimum payment amount be withdrawn out of the plan each year, the LRIF imposes a maximum annual withdrawal.
  • With a RRIF, you control the investments during your entire lifetime. With a LRIF (except in Quebec) you must purchase an immediate life annuity, which must include a 60% spousal survivor benefit, unless the spouse waives this requirement, by the end of the calendar year of your 80th birthday.

Benefits of a LRIF

  • Tax-Sheltered Growth
  • Flexible Investment Options
  • Flexible income payments with low minimums

We Offer 5 LIF Investment Account Choices

Signature Service LIF Account

It’s a premium asset management service that’s commission free and gives you access to all the services, advice and investment options you need to meet your financial goals.

Mutual Fund LIF

Choose from an extensive lineup of mutual funds from more than 35 fund management companies. Our fund selection encompasses a full range of savings, income and growth funds.

Managed Portfolio LIF

Building a diversified portfolio and constantly monitoring and adjusting it takes time and expertise. For this reason, many investors prefer our “All-In-One Fund Solution,” which offers an easy and effective way to handle the money management and asset mix.

GIC LIF

We offer RESP Guaranteed Investment Certificates (GICs) in terms ranging from one to five years. GICs provide guaranteed principal and interest, so they make an ideal addition to a diversified portfolio.

Self-Directed LIF

Our platform provides all the available products under one plan, with maximum flexibility to manage your investments.

Get Started Now!

Open an LRIF account or transfer your existing LRIF account to GP Wealth Management. We encourage you to get professional advice when managing your LRIF account.

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