Convert your Locked-in Retirement Account (LIRA) orLocked-inRSP (LRSP) into a steady stream of retirement
incomeIf you've been saving for retirement by contributing money to a
LIRA or LRSP, you've probably discovered the impressive potential
of tax-deferred investment growth. When you retire, you can continue to enjoy tax-deferred
investment growth by converting your savings into a Retirement
Income Option such as a Life Income Fund (LIF), a Locked-in
Retirement Income Fund (LRIF) or a Prescribed Retirement Income
Fund (PRIF). A TD Canada Trust
Investment Consultant can help you choose the option that's right
for you based on your age, the type of investment plan you have
now, your financial needs and the province you live in.
Life Income Funds (LIFs)
Locked-in Retirement Income Funds (LRIFs)
Prescribed Retirement Income Funds (PRIFs) 
Life Income Funds (LIFs)A LIF is a plan that allows you to maintain
full control of your investment choices while allowing the
flexibility of withdrawing funds, within prescribed limits, as you
require. Minimum and maximum withdrawal amounts apply to LIFs and in some
provinces, they must be converted to a Life Annuity at certain age
limits (see chart below). | Province | Age at which you must
convert to a Life Annuity |
|---|
| New Brunswick, Quebec,
Nova Scotia, Manitoba, Alberta, Federal, British Columbia,
Ontario | Not Applicable |
|---|
| Newfoundland | 80 |
|---|
Locked-in Retirement Income Funds (LRIFs)A LRIF is a plan governed by Manitoba or
Newfoundland legislation, that allows you to maintain full control
over your investment choices throughout retirement. Minimum and
maximum withdrawal limits apply and a LRIF may be held
indefinitely.
Prescribed Retirement Income Funds (PRIFs)PRIFs are only available to investors who
have pension funds governed by Saskatchewan and Manitoba
legislations. There are minimum withdrawal limits but no maximum
withdrawal limits. You are not required to purchase a Life Annuity,
and your spouse is automatically named as your beneficiary. Spouses
may sign a waiver allowing you to designate a different
beneficiary. For help in setting your retirement goals and understanding your
retirement income options, feel free to visit any TD Canada Trust
branch or call
1-800-560-6377
any time for more information.
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