Life Income Fund (LIF)
The Life Income Fund (LIF) provides retirement income. Money from a LIRA can be transferred into a LIF and investments can continue to grow tax-deferred until withdrawn. Each year, a minimum amount must be withdrawn and taxed at the investor’s marginal rate. In addition, there is a maximum annual withdrawal amount. In some provinces, a LIF must be converted to an annuity when the investor reaches 80 (FSCO).
For more information on LIFs please review the following options:
Comparing LIF income options