LIRAs and LRSPs
Locked-in Retirement Accounts (LIRAs) and Locked-in RSPs (LRSPs) are registered retirement savings plans which are established by the transfer of locked-in pension fund assets from a Registered Pension Plan (RPP) or another locked-in retirement savings or income plan such as a LIRA, LRSP, Life Income Fund (LIF), Prescribed Retirement Income Fund (PRIF) or Locked-in Retirement Income Fund (LRIF).
- Tax on the interest you earn in the plan is deferred until you withdraw the funds
- A wide range of investments are available within a LIRA or LRSP plan with TD Canada Trust
- The funds can only be accessed before retirement age under certain conditions
- Upon reaching retirement age (55 in most jurisdictions), you can transfer the plan to one or more eligible Retirement Income Options
- Like a regular RSP, LIRAs and LRSPs must be converted to a Retirement Income Option (such as an LRIF, PRIF or LIF) before December 31st of the year you turn 71
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.
|
