Amount transferable from an LIF to an RRSP or RRIF
Each year, you can transfer a specific amount from your LIF to:
- a registered retirement savings plan (RRSP)
- a registered retirement income fund (RRIF).
The amount transferred must meet the following requirements:
- It must not include the minimum amount that you must withdraw from the LIF, since that amount must be taken as a cash payment.
- It must not be calculated according to your RRSP deduction limit .
- It must not increase the yearly maximum that you can withdraw from the LIF.
The maximum amount that you can transfer from an LIF to an RRSP or RRIF varies depending on whether you have applied for a temporary income from an LIF. For additional information and examples, consult:
- For the transfer of your LIF to an RRSP or RRIF to be tax exempt, all fiscal rules must be followed.
- The Canada Revenue Agency sets the minimum yearly amount to be withdrawn from an LIF, which corresponds to the minimum amount to be withdrawn from an RRIF .