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.

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All articles herein are presented as an educational resource and should not be considered as professional financial or individualized investment advice. Readers should always exercise their own judgement when making any decisions about their money.