Characteristics of a life income fund (LIF)

Update to come

This page will be edited at a later date to take into account the Regulation to amend the Regulation respecting supplemental pension plans, which comes into force on 1 January 2025.

A life income fund is a special registered retirement income fund (RRIF) into which a person can transfer the amounts that are in his or her supplemental pension plan, the locked-in account of a voluntary retirement savings plan (VRSP) or locked-in retirement account (LIRA).

Unlike RRIFs, which have no ceiling on withdrawals, it is not possible to withdraw from an LIF more than the maximum authorized for the year.

To receive a retirement income from an LIF

Types of income possible (life or temporary income)
Terms for withdrawals (based on the holder's age)
Terms for transfers (transfer from an LIF into another LIF, transfer from an LIF into an LIRA, transfer from an LIF into an RRSP or RRIF)

Other useful information

LIF Quick Calc - Determine how much can be withdrawn from a LIF in 2023