Life Retirement Income Fund (LRIF)

a variation of a LIF with no requirement to buy a life annuity

A Life Retirement Income Fund (LRIF) is a variation of a LIF

  • locked-in funds can be transferred in
  • no requirement to buy a life annuity by age 80
  • foreign content restrictions (waived in 2005?)
  • same minimum withdrawals as RRIFs
  • taxed on withdrawals
  • only available in Ontario, Alberta and Saskatchewan

Maximum Payout

  • complex maximum payout
    • yr 1: 0.5% of initial value of LRIF per month
    • yr 2: max{6% of Jan 1 value, investment income earned in previous year}
    • yr 3+: max{investment income earned in previous year, earnings less all withdrawals since inception}

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