If you retire or lose your job, a LIRA empowers you to transfer the funds gathered under a retirement savings plan or your ex-employer’s pension plan to an individualized plan. With the advice of a financial advisor, you can put this cash into investment funds and experience greater control over your investments.

Top characteristics and advantages of a LIRA:
  • Your profits grow tax-free.
  • You may not contribute nor withdraw funds invested in a LIRA but under specific conditions.
  • Upon retirement or, at the most advanced, the year you turn 71 years of age, you must transform your LIRA to a Life Income Fund (LIF).

If you’re switching jobs and were portion of a pension plan, your pension may be converted to a Locked-In Retirement Account (LIRA).

  • Plan your retirement your way

A wide variety of investment choices is available to you in the Canadian and US markets with a self-directed account.

  • Locked plan, unlocked potential

Control your investments in the Canadian and US markets as per your own approach with a self-directed LIRA.

  • Converting your LIRA

Depending on the power of your pension plan, there are several regulations governing conversion to a locked-in account. Call us, and we can assist you in navigating the conversation.

  • Also available:

Self-Directed Locked-in Retirement Savings Plan (LRRSP)* and Restricted Locked-in Retirement Savings Plans (RLSP)*

Eligibility of LIRA
Age limit 71 years

You can take a LIRA until December 31 of the year in which you reach age 71. After this, your LIRA must be transformed into a life income fund (LIF).

No withdrawals allowed With some exceptions

Unlike RRSPs, it is not reasonable to withdraw funds from a LIRA. The exemptions to this are death, decreased life expectancy, and non-residence in Canada for two years. You must change your LIRA to a life income fund (LIF) or life annuity to withdraw funds.

In the event of death Transfer to spouse

When you vanish, your LIRA is automatically transferred to your spouse, unlike an RRSP, where you can pick the beneficiary.

Why choose a LIRA with us?

Our IAG Savings and Retirement Plan permit you to invest intelligently in your LIRA. It is designed for all kinds of investors, from those who prefer to play it safe to those who like to take risks. Moreover, it offers you the option of the following investment funds:

  • Guaranteed interest funds 
  • Daily interest funds 
  • Segregated funds 
  • Mutual funds

Thanks to our segregated funds, we provide excellent investment protection if the markets go down.

You can also invest your LIRA in securities.

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Maria Marlin Retired Govt Officer, ON, Canada

Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin Retired Govt Officer, ON, Canada

Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

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    Serving the interests of our clients. Personalized support and relationships matter to us. Because we are owned by banks, we are empowered to deliver top-notch support and services able to add on additional.

    Serving the interests of our clients. Personalized support and relationships matter to us. Because we are owned by banks, we are empowered to deliver top-notch support and services able to add on additional.

    Serving the interests of our clients. Personalized support and relationships matter to us. Because we are owned by banks, we are empowered to deliver top-notch support and services able to add on additional.

    Serving the interests of our clients. Personalized support and relationships matter to us. Because we are owned by banks, we are empowered to deliver top-notch support and services able to add on additional.

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