Plan or Account Type

LIF (Life Income Fund)

A Life Income Fund  (LIF) is a retirement income plan using locked-in pension money and the owner of the LIF can control the investments held within the fund. In addition to the requirement for a minimum annual withdrawal (like a RRIF), LIFs also set a maximum withdrawal amount. Your annual withdrawal must be within these minimum …

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LIRA (Locked-In Retirement Account)

The Locked-In Retirement Account (LIRA) and Locked-In Retirement Savings Plan (LRSP) enable you, as an employee to maintain the tax-deferred status of pension plan proceeds received when you leave a company. LIRA’s lock in your money, but not your investment options. These plans are governed by federal or provincial pension legislation.   Plan Information: •  The LIRA can receive …

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RESP

RESPs are registered education savings plans that grow tax-free until the child is ready for university, college or a vocational institute. The student usually pays little or no tax on those funds when they are withdrawn at the student’s lower income tax rate. What are the RESP contribution limits? While there is no longer an annual …

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RRIF

A RRIF is an investment plan, established in accordance with Government of Canada requirements, into which you can transfer registered funds (usually your RRSP) without tax liability to establish a source of retirement income. Some RRIFs are similar to continuing an RRSP beyond age 71, with the exception that you must take some taxable income …

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RRSP

Find out more about RRSPs Do you have the right investments for the kind of retirement you want? You might not. A Registered Retirement Savings Plan (RRSP) plan allows for tax-free savings during your working life, with a view to supplementing your retirement income.   Basic Notions •  The amount invested in your RRSP every …

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TFSA

Find out more about TFSAs The Tax-Free Savings Account (TFSA) is a registered savings plan that allows you to build capital to put towards special projects throughout your life. If you are over 18 years of age, the TFSA offers you the chance to save up to $5,500 per year, tax-free!   Basic Notions The …

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RDSP (Registered Disability Savings Plan)

THE REGISTERED DISABILITY SAVINGS PLAN ALLOWS INVESTMENT FOR THE WELL-BEING OF PEOPLE WITH SEVERE DISABILITIES Thanks to the RDSP, you will save money and benefit from grants that will enable you to enhance financial security for yourself or your loved ones with severe disabilities. The RDSP is for any person who wants to contribute to the RDSP of an eligible beneficiary. To set up …

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