LIF — Life Income Fund
RRIF-like account for locked-in pension assets (minimums + usually maximums)
A LIF is similar to an RRIF, but it’s used for certain locked‑in pension money transferred out of a pension plan. LIFs often have both minimum and maximum annual withdrawal rules, depending on jurisdiction.
What makes a LIF different
- Often has both minimum and maximum withdrawal limits.
- Rules depend on federal vs provincial pension jurisdiction.
Quick mental checklist
If your assets are locked-in, confirm your specific jurisdiction’s withdrawal limits before building an income plan.
Official resources
Educational only. Always confirm limits and withdrawal rules with CRA resources or a qualified professional.