Régie des rentes du Québec

Terms for transfer from a life income fund (LIF)

Transfer from an LIF into another LIF

It is possible to transfer amounts from one LIF to another LIF during the year. The transfer may be delayed if the investments have not come to term at the time the transfer is requested.

The amounts transferred from the first LIF cannot be used to provide a life income until the beginning of the following year. The holder must be sure to withdraw the amounts desired for the rest of the year before making the transfer.

The same rule applies to payment of a temporary income, unless the holder is under age 54 and still meets the conditions for entitlement to a temporary income. If he or she meets the conditions, an amount can be paid, even if the LIF was transferred during the same year.


Transfer from an LIF into a locked in retirement account (LIRA)

If the holder no longer wishes to draw an income from the LIF, he or she can transfer the LIF to an LIRA at any time until the end of the year in which he or she reaches age 71. The transfer may be delayed if the investments have not come to term at the time the transfer is requested.

Transfer from an LIF into an RRSP or RRIF

Each year, the LIF holder can transfer a specific amount from an LIF to a registered retirement savings plan (RRSP) or a registered retirement income fund (RRIF). The maximum amount that can be transferred depends on whether the holder has applied for a temporary income from the LIF. See also:

Amount transferable from an LIF to an RRSP or RRIF

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