Life Income Fund (LIF)

If you have left a job, were terminated, or made redundant, your registered pension plan may be transferred to a locked-in RRSP. That income is not available for withdrawal until retirement age.

However, once a certain age is reached (with the age set by province), you can transfer those funds to a Life Income Fund (LIF), which bears many similarities to a Registered Retirement Income Fund.

What you need to know:

  • LIFs have both minimum and maximum withdrawal limits.
  • In some provinces, the LIF must be converted into a life annuity when the plan holder reaches age 80.
  • Options available through Cal LeGrow include:
    • Investment Funds
    • GICs
    • Canada Savings Bonds
    • And more, depending on your risk profile and financial goals

Cal LeGrow can help you decide where your investments are best directed, and help you secure a financially stable future. Call us today to talk to a member of our team.

709.778.2388 / toll free 1.888.720.3282

Kirk Stoyles

Financial Advisor

Carl Grimes

Financial Advisor

Sean Kennedy

Financial Advisor
St. John's, NL

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