Are you changing jobs? Transfer the money accumulated in your employer's pension fund.
Is this savings account for you?
Main feature :Tax-sheltered invested capital
Total or partial withdrawal :No withdrawals are permitted before retirement, except in certain circumstances
Conversion :You may convert all or part of your LIRA or Locked-In RSP into an annuity or LIF at any time
Deadline :By December 31st of the year you turn 71
|Conversion||You may convert all or part of your LIRA or Locked-In RSP into an annuity or LIF at any time.|
The answer depends on your personal situation but generally, it is better to convert it as late as possible.
You may be able to delay the conversion of your LIRA or Locked-In RSP if you have sufficient income. Your income may come from a variety of sources:
If you use your other sources of income first, your money can continue to grow tax-free.
However, if you find you need additional cash to pad your budget, you can always move up your LIRA or Locked-In RSP conversion deadline. Then you may convert it in whole or in part into retirement income.
You must convert your Locked-In Retirement Account (LIRA) or Locked-In RSP into a LIF no later than December 31 of the year you turn 71.
To help you achieve your retirement goals, the Caisse populaire Guaranteed Investment Funds will provide you with a guaranteed and predictable income, regardless of market fluctuations.