A Locked-In Retirement Account (LIRA) is a special type of registered account used to hold pension funds when you leave a job with a defined benefit or defined contribution pension plan. It’s called “locked-in” because you generally can’t access the money until retirement, and even then, withdrawals are limited.
LIRAs are designed to preserve pension savings for retirement, not for short-term use.
You’ll typically transfer funds into a LIRA if:
LIRAs are not available for new contributions—they only hold pension transfers.
You must eventually convert your LIRA into a retirement income account, such as:
This typically happens by the end of the year you turn 71—or earlier, if you want to start withdrawals (as allowed by your province’s rules).
Yes, but they’re limited and depend on provincial or federal pension laws. Some common exceptions include:
Rules vary by province—Ontario, Alberta, and others each have their own LIRA legislation.
Each province sets its own rules, so always check your regional regulations.
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