RRIF, LIF, LIRA and Annuities

Turn your savings into retirement income

After years of saving in an RRSP, the time comes to convert that capital into retirement income. RRIFs, LIFs, and annuities are solutions that allow you to maintain financial security and fully enjoy your retirement projects.

Understanding RRIFs, LIFs and Annuities

  • RRIF (Registered Retirement Income Fund): This registered fund allows you to convert your RRSP into regular income. It offers flexibility and control but requires a minimum withdrawal each year.
  • LIF (Life Income Fund): Created from locked-in amounts (such as a former LIRA or pension plan), the LIF sets minimum and maximum annual withdrawals to help extend your retirement income.
  • Annuities: A life annuity provides guaranteed income, either for life or for a set period. This option is ideal for those seeking stability and predictability in their retirement payments.
  • LIRA (Locked-In Retirement Account): A registered account in Canada designed to hold the money accumulated in an employer’s pension plan when you leave the company. These funds are “locked in,” meaning you generally cannot access them until a certain age, in accordance with provincial and federal rules. Its purpose is to secure long-term retirement income.

Solutions tailored to your retirement

Every retiree’s situation is unique. Some prefer the flexibility of a RRIF, others value the discipline of a LIF, and many choose the security of a life annuity.

 
Talk to an advisor

Our retirement planning advisors help you to:

  • Transfer your RRSP to a RRIF or LIF
  • Select the optimal mix of flexibility and stability
  • Maximize your income while considering tax rules
  • Ensure sufficient withdrawals to maintain your lifestyle over the long term
  • Integrate annuities and funds into an overall financial strategy

Why choose a RRIF, LIF, or Annuity?

Flexibility

Adjust your withdrawals according to your needs and projects.

Guaranteed Income

Enjoy stable and secure lifetime income.

Sustainable Planning

Structure your funds for a balanced retirement.

The advantages of RRIFs, LIFs and Annuities

  • Turn your savings into regular retirement income
  • Withdraw at your own pace with a RRIF
  • Manage your withdrawals with a LIF, from locked-in funds
  • Secure guaranteed payments with a life annuity
  • Optimize withdrawals to reduce the impact of taxes
  • Maintain stability and financial security throughout retirement
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