Other Registered Accounts
Locked-in retirement account (LIRA)
A Locked-In Retirement Account (LIRA) is a Canadian investment account designed specifically to hold locked-in pension funds for former plan members, former spouses or common-law partners, or surviving spouses or partners.
The funds deposited to a LIRA must come from the transfer of assets accumulated in a provincial retirement plan.
Anyone who leaves a place of employment after two years of participation in a pension plan can transfer his/her contributions to a LIRA.
You can open a LIRA up to December 31 of the year in which you turn 71. The LIRA must then be converted into a provincial LIF or life annuity. Since it is "locked in", you cannot withdraw from a LIRA.
Locked-in RRSP account
The locked-in RRSP account is very similar to a LIRA except it is applicable for assets accumulated in a federal retirement plan.