Canada — Retirement

Retirement accounts are built to reward long-term saving with tax advantages, but they come with tradeoffs around access and withdrawals. This section covers the main Canadian retirement vehicles—from RRSP accumulation to RRIF/LIF income drawdown—so you can understand what contributions do, how growth is treated, and what rules typically apply when you start taking money out.

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RRSP — Registered Retirement Savings Plan

Core retirement account: contributions are usually deductible, investments grow tax-deferred, and withdrawals are generally taxable income (with special programs for some uses).

Learn more →Spousal RRSP

Income-splitting strategy: one spouse contributes (often getting the deduction) while the other spouse owns the account, helping balance retirement withdrawals.

Learn more →Group RRSP

Employer-arranged RRSP funded via payroll deductions (sometimes with matching); still uses your RRSP room, but plan rules may restrict withdrawals.

Learn more →RRIF — Registered Retirement Income Fund

Retirement income phase: often converted from an RRSP; assets stay tax-deferred but you must withdraw at least a minimum amount each year.

Learn more →LIF — Life Income Fund

Locked-in pension money income account: similar to a RRIF but often includes both minimum and maximum annual withdrawal limits based on jurisdiction.

Learn more →LRIF — Locked-In Retirement Income Fund

Older locked-in income account type in some provinces; rules vary by pension legislation and you may still encounter legacy LRIFs.

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Educational only. Always confirm limits and withdrawal rules with CRA resources or a qualified professional.