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Your annual withdrawal must be within these minimum and maximum amounts as specified by legislation. In most provinces, when the LIF holder reaches age 80, the LIF must be converted into a life annuity.
The easiest way to think of a LIF is that it’s a RRIF for your locked-in pension money, with a few more restrictions designed to ensure that you have income available for your lifetime.
LIFs vary slightly from province to province, and are not available in P.E.I. and the Northwest Territories. Most provinces require you to have reached age 55 before you establish a LIF, but there is no age restriction in New Brunswick, Quebec, and Alberta.
Aligned Capital Partners Inc. (“ACPI”) is a full-service investment dealer and a member of the Canadian Investor Protection Fund (“CIPF”) and the Canadian Investment Regulatory Organization (“CIRO”). Investment services are provided through Wealth Max Financial, an approved trade name of ACPI. Only investment-related products and services are offered through ACPI/Wealth Max Financial and covered by the CIPF. Financial planning and insurance services are provided through Wealth Maximization Group. Wealth Maximization Group is an independent company separate and distinct from ACPI/Wealth Max Financial.
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