Characteristics of a life income fund (LIF)

A life income fund is special registered retirement income fund (RRIF) into which a person can transfer the amounts that are in his or her supplemental pension plan or locked-in retirement account (LIRA).  

Unlike RRIFs, which have no ceiling on withdrawals, it is not possible to withdraw more than the maximum authorized for the year from an LIF.

As of 1 January 1998, it is no longer obligatory to convert an LIF into a life annuity at age 80.

To receive a retirement income from an LIF

• Types of income possible 
• Terms for withdraws 
• Terms for transfers