Portfolio Access

Locked-In Retirement Account

The Locked-In Retirement Account (LIRA) 1 and Locked-In Retirement Savings Plan (LRSP) 1 enable you, as an employee to maintain the tax-deferred status of pension plan proceeds received when you leave a company. 

LIRA’s lock in your money, but not your investment options. These plans are governed by federal or provincial pension legislation.

How they Work

Administrative information:
  • The LIRA can receive pension proceeds if the planholder earned the pension while working in a province other than B.C., Nova Scotia, or P.E.I.
  • P.E.I. has not yet established its own pension legislation, therefore any locked-in plans from P.E.I. must be handled individually
  • All money in locked-in plans must come from your Registered Pension Plan (RPP) or from another locked-in plan. You can’t make additional contributions, but you can decide how your money is invested.

Special information:

The LIRA or LRSP must be collapsed in the year in which you have your 71st birthday. You can then:

  • Purchase an annuity, or
  • Transfer the assets to a LIF or LRIF, depending on the pension legislation governing the LIRA or LRSP

1Investopedia

WE CAN HELP

Your Retirement
Your Retirement

After years of living the…

Established Family

Establish Family

You are more experienced now…

Retiree
Retiree

During the last market downturn…

HOT TOPICS

Hot Topics

How We Help

established-family
Established Family
Protecting Your Family
Protecting Your Family
Your Investments
Your Investments

About Us

We serve individuals, families and businesses in the Mississauga area.

Our primary goal is to help each client meet their unique financial goals by focusing on six key areas of needs analysis:

Contact

  • 4832 Huron Heights Dr
    Mississauga, ON L4Z 4H8
  • (905) 501-0439

Free Consultation

Free Consultation
Linkedin-in Facebook-f Twitter

Dealer

Mutual funds and segregated funds provided by the fund companies are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. All other products and related services are offered through Mayrak Financial Solutions.
© Copyright AdvisorNet. All rights Reserved.