FAQ: Life Income Fund (LIF)
- Do I need my spouse or common-law partner's consent before my pension benefits are transferred into a Life Income Fund (LIF) account?
- Where do I obtain the necessary forms to transfer my pension benefits into a Life Income Fund (LIF) account?
- I have elected to take early retirement and have already received two pension payments. Can I now transfer my pension benefits to a Life Income Fund (LIF)?
- Once I terminate my membership, how soon do I need to transfer my pension benefits?
- When do I have to transfer my LRSP into a Life Income Fund (LIF) or annuity?
- Can I transfer my LRSP into a Life Income Fund (LIF) or annuity before I reach 71 years of age?
- What types of investments qualify for Life Income Fund (LIF) accounts?
- What is the required annual minimum withdrawal from my LIF?
- What is the maximum annual withdrawal from my LIF?
- What are my options for unlocking funds held in my LIF?
- Can two of the unlocking options be used in the same calendar year?
- What is the difference between a Life Income Fund (LIF) and Restricted Life Income Fund (RLIF)?
- Can I transfer my LIF into an RLIF without unlocking any funds?
- If I wish to designate a beneficiary of my LIF other than my spouse, do I need their consent?
- What if I cannot locate my spouse?
- Do funds become taxable when they are unlocked?
- Can a creditor force me to use my LIF assets to pay off my debts?
- Can my financial institution or advisor charge penalties or fees for unlocking funds from my LIF?
- Where can I obtain the forms to unlock the funds held in my LIF?
- For the one-time 50% unlocking option, can I transfer the unlocked funds into a Spousal RRSP?
Tweets by @InvestingForMe
Follow Us |
How to Get Started:
Financial Planning & Budget:
Tools & Calculators:
- Net Worth Calculator
- Household Budget
- Education Expense Budget
- Loan Consolidation
- Mortgage Calculator
- Family Inventory