INVESTMENT

• RRSP 2010
• RRSP Catch Up Loan
• RRSPs & Retirement Planning
  • Registered Retirement Savings Plan (RRSP)
  • Registered Retirement Income Fund (RRIF)
  • Life Income Fund (LIF)
  • Locked In Retirement Account (LIRA)
• Term Deposits & GICs
• Tax Free Savings Account (TFSA)
• Education Planning

Life Income Fund (LIF)

• A LIF allows the plan holder flexibility – you can control the investment of funds, as well as the frequency and amount of income you receive (legislated minimum and maximum amounts apply).
• A LIF can assist the holder of locked-in Registered Pension Plan funds by providing a regular income and replacing or delaying the purchase of a Life Annuity until pricing is more favourable.
• Funds in a LIF can be transferred to:
  • Another acknowledged LIF under similar conditions
  • A Life Annuity
  • A Registered Pension Plan
  • A LIRA or Locked-in RRSP

• In the event of the death of a LIF owner the balance of their fund is available to their spouse, beneficiary, or estate.
• Depending on the source of the pension funds some LIFs are subject to federal regulation while others are under provincial jurisdiction.  While there is consistency in many of the requirements there are some significant differences between the various jurisdictions.