LIF and LRIF
Convert your Locked-in Retirement Account (LIRA) or Locked-in RSP (LRSP) into a steady stream of retirement income
If 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, Ontario 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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