Guides Guide

LIRA explained: how a locked-in retirement account works in Canada

By Alex Francisco Updated Sep 30, 2026 Figures checked Sep 30, 2026 12 min read

What is a LIRA and can you take money out of it?

A LIRA (locked-in retirement account) is a registered account that holds pension money moved out of an employer's pension plan, and pension law locks it in so it can only pay retirement income. Investments grow tax-sheltered like an RRSP, but you cannot add savings or withdraw freely. The money normally leaves by moving to a life income fund (LIF) or a life annuity, by December 31 of the year you turn 71 at the latest, or through narrow unlocking rules such as small balances, financial hardship, leaving Canada, shortened life expectancy and, federally, in Ontario and in Alberta, an unlock of up to 50% when the money moves to a LIF.

A LIRA only receives locked-in pension money, usually from a plan you left (or a spouse's pension after separation or death, or another locked-in account); you cannot open one with your own savings or add contributions.
The pension law of the original plan, not your current province, decides the rules: federal (OSFI), Ontario (FSRA), B.C. (BCFSA), Alberta (Superintendent of Pensions) and Quebec (Retraite Québec) all differ.
Federal rules and Ontario and Alberta law allow an unlock of up to 50% when moving to a life income fund (one time only federally and in Alberta); B.C. and Quebec law have no 50% rule.
Small balances, financial hardship, non-residency and a shortened life expectancy are the other unlocking routes, each with its own forms, thresholds and spousal consent rules; Quebec has no hardship route.
By December 31 of the year you turn 71, the LIRA has to become a LIF or buy a life annuity; a LIF adds a yearly maximum on top of the RRIF minimum, except that Quebec dropped the maximum at 55 and older in 2025.
Unlocked money taken as cash is taxable income in the year you receive it, and it loses the creditor protection it had inside the locked-in account.

— YieldMaple, figures checked against official sources on September 30, 2026. Sources

A LIRA, or locked-in retirement account, is where pension money usually lands when someone leaves a job with a registered pension plan and takes the value of their pension with them instead of leaving it in the plan. Legally it is an RRSP with a pension-law addendum attached. The addendum is the part that matters: it locks the money in, so it can only turn into retirement income later.

This page explains the rules at a high level, using the official pages of the federal pension regulator (OSFI), Ontario’s FSRA, B.C.’s BCFSA, Alberta’s Superintendent of Pensions and Retraite Québec. It is education, not financial, tax or legal advice. The LIRA contract from your financial institution and the pension plan’s termination statement say which law applies to your money, and the institution holding the account confirms what you can do with it.

What is a LIRA account?

When you leave a pension plan before retirement, the plan usually offers a choice: keep a deferred pension in the plan, or transfer the value out. If you transfer, pension law generally requires the money to go into a locked-in account so it still provides a pension-like income later. That account is the LIRA.

Four features define it:

Funding comes only from pensions. A LIRA receives transfers from a registered pension plan, from another LIRA or locked-in account, or from a spouse’s pension after separation, divorce or death (BCFSA lists all of these). Alberta’s Superintendent of Pensions puts it plainly: no funds other than those transferred from a pension plan may be held in a LIRA. You cannot contribute your own savings, and there is no annual contribution limit to track.
It is invested like an RRSP. You pick the investments offered by the institution: GICs, mutual funds, ETFs or stocks in a self-directed LIRA. Growth is not taxed while it stays inside.
It is locked in. Money cannot be withdrawn as cash, except through the specific unlocking routes the law lists. Retraite Québec notes that a LIRA cannot even be used for the Home Buyers’ Plan.
It has an end date. By December 31 of the year you turn 71, the balance must move to a life income fund (LIF) or buy a life annuity.

Not every pension transfer is locked in. Money from plans you left long ago may fall under older rules (BCFSA says lock-in rules may not apply if you left a B.C. plan before 1993), and plan administrators can pay out very small pensions in cash. The termination statement from the plan says whether the transfer must go to a LIRA.

Which pension law governs your LIRA?

The rules that apply are those of the pension plan the money came from, not the province you live in today. A bank employee living in Ontario, for example, usually had a federally regulated pension, so the federal rules apply even though the account is held in Ontario. Your LIRA contract or addendum names the governing law. The table below compares the five jurisdictions whose regulators publish the most complete guidance.

Who regulates a LIRA, and whether a 50% unlock is allowed

How to read this table: Find the law named on your LIRA addendum or pension termination statement in the first column. The 50% option is tied to starting a life income fund (federally, a restricted LIF); it is not a withdrawal you can make at any time from the LIRA. Federal and Alberta rules make it one time only.

Law that governed the pension	Regulator	Account name	One-time 50% unlocking
Federal (pension plans under the Pension Benefits Standards Act, 1985)	Office of the Superintendent of Financial Institutions (OSFI)	Locked-in RRSP (the federal name for a LIRA)	Yes: up to 50% once, from a restricted LIF (RLIF), if 55 or older in the year and within 60 days of the first deposit
Ontario (Pension Benefits Act)	Financial Services Regulatory Authority of Ontario (FSRA)	LIRA	Yes: up to 50% of money moved into a Schedule 1.1 LIF, within 60 days of the transfer
British Columbia (Pension Benefits Standards Act)	BC Financial Services Authority (BCFSA)	LIRA	No: B.C. law has no 50% unlocking
Alberta (Employment Pension Plans Act)	Alberta Superintendent of Pensions (Treasury Board and Finance)	LIRA	Yes: up to 50% once, at 50 or older, when starting a LIF or LITB
Quebec (Supplemental Pension Plans Act)	Retraite Québec	LIRA	No 50% rule, but since January 1, 2025 a Quebec LIF has no withdrawal maximum once the holder is 55 or older

The federal public service pension plan is a special case: it is governed by the Public Service Superannuation Act, but OSFI notes that once its money moves into a locked-in RRSP, LIF or restricted LIF, the federal locked-in rules apply to it. Other provinces (Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Newfoundland and Labrador) have their own pension laws and regulators; this page does not cover their details.

LIRA withdrawal rules: how do you get money out?

There are two ways out. The normal one is to convert the LIRA into retirement income, through a LIF or a life annuity. The other is unlocking: pension law lists a handful of situations in which some or all of the money can be released early. The table shows those routes for each jurisdiction.

LIRA unlocking routes by jurisdiction, 2026

How to read this table: YMPE is the CPP's Year's Maximum Pensionable Earnings, which changes every January, so thresholds tied to it change too. Dollar figures are shown only where the regulator publishes one for 2026. Most routes need a regulator form, and many need your spouse's or common-law partner's signed consent.

Law that governed the pension	Small balance	Financial hardship	Other routes
Federal (pension plans under the Pension Benefits Standards Act, 1985)	55 or older and all federal locked-in accounts total 50% of the YMPE or less ($37,300 in 2026)	Low income (up to 50% of the YMPE, $37,300 in 2026, falling to $0 once expected income reaches 75% of the YMPE, $55,950) or high medical/disability costs (up to $37,300)	Non-resident for at least 2 calendar years; shortened life expectancy certified by a physician
Ontario (Pension Benefits Act)	55 or older and all locked-in accounts total less than 40% of the YMPE	Four categories: medical expenses, rent or mortgage arrears, first and last months' rent, low expected income	Non-resident for 24 months; life expectancy of two years or less; transfers above Income Tax Act limits
British Columbia (Pension Benefits Standards Act)	Each LIRA or LIF at or under 20% of the YMPE ($14,920 in 2026) under 65, or 40% ($29,840) over 65	Low income, medical expenses, threat of eviction for rent arrears, threat of mortgage default, deposit on a new home	CRA-confirmed non-residency plus two years away; terminal or life-shortening illness
Alberta (Employment Pension Plans Act)	Each single account under 20% of the YMPE ($14,920 in 2026), or under 40% ($29,840) at 65 or older	Five reasons, including low income (up to $37,300 in 2026 if the next 12 months' income is under $49,733), foreclosure, eviction, first month's rent and deposit, medical costs; apply to the financial institution	CRA written confirmation of non-residency; considerably shortened life
Quebec (Supplemental Pension Plans Act)	65 or older and all locked-in savings total 40% of the YMPE or less ($29,840 in 2026)	None: Retraite Québec says no refund can be authorized for financial difficulties	Not lived in Canada for at least two years; a disability that reduces life expectancy

A few details apply almost everywhere:

Apply through the financial institution. OSFI, FSRA, BCFSA, Alberta and Retraite Québec all direct unlocking applications to the institution holding the LIRA or LIF, not to the regulator. BCFSA and Alberta specifically say not to send hardship forms to the Superintendent of Pensions.
Spousal consent. Under federal rules, a spouse or common-law partner must sign a consent form before financial hardship, 50% or small-balance unlocking. B.C. and Alberta use waiver forms for most routes too.
Small balances may be per account or in total. Federal, Ontario and Quebec tests add up all your locked-in accounts. B.C. and Alberta apply the threshold to each account separately, and both forbid splitting an account to get under it.
Hardship is limited. Ontario and Alberta allow one application per category, per account, per calendar year (Ontario makes an exception for medical expenses), and in Ontario approved hardship money is paid as a lump sum only; it cannot go to an RRSP or RRIF. Quebec has no hardship route at all: Retraite Québec says no refund can be authorized for financial difficulties.

How does the 50% unlocking work?

The 50% option is the most useful unlocking route for people approaching retirement, and it works differently in each jurisdiction that offers it:

Federal: if you are 55 or older in the calendar year, you move the money into a restricted life income fund (RLIF), and within 60 days of the first deposit you can transfer up to 50% into a regular RRSP or RRIF. Cash can then be withdrawn from that RRSP or RRIF. OSFI calls it a one-time option with no carry-forward: unlock less than half and the rest of the room is gone.
Ontario: within 60 days of moving money into an Ontario LIF governed by Schedule 1.1, you can withdraw or transfer up to 50% of the amount transferred in.
Alberta: at 50 or older, you can unlock up to 50% once, when you start a LIF or a life income type benefit account (LITB). Alberta calls it a one time only choice: unlock 30% and the other 20% cannot be taken later.
British Columbia: not available. BCFSA says the feature exists federally and in some other jurisdictions, but not under B.C. law.
Quebec: no 50% rule. Instead, since January 1, 2025, a Quebec LIF has no withdrawal maximum once the holder is 55 or older, so a LIRA moved to a LIF can be drawn down faster, with every dollar taxed as income. Money cannot go directly from a Quebec LIF to an RRSP or RRIF.

Worked example (federal rules). Someone who is 58 moves $120,000 from a federal locked-in RRSP into a new RLIF. Within 60 days, they can transfer up to $60,000 into a regular RRSP or RRIF, after signing OSFI’s Form 2 (the spouse’s consent, or an attestation that there is no spouse). The other $60,000 stays locked in the RLIF and pays income under the LIF rules. OSFI says a direct transfer like this does not use RRSP contribution room, and nothing is taxed until money is withdrawn from the RRSP or RRIF.

Unlocking is not free money. Anything taken out as cash is taxed as income that year, can push you into a higher bracket, and loses the creditor protection that pension law gives locked-in accounts. FSRA warns that money withdrawn from a locked-in account can be seized by creditors.

LIRA vs RRSP: what’s the difference?

A LIRA and an RRSP are built on the same tax rules, so the investments inside grow the same way. The difference is control.

Feature	LIRA	RRSP
Where the money comes from	Transfers from a registered pension plan or another LIRA	Your own contributions, plus transfers
New contributions	Not allowed	Allowed, up to your RRSP deduction limit
Tax deduction	None, because no contributions are allowed	Contributions are deductible
Withdrawals	Only through legislated unlocking routes	Any time, taxed as income
Home Buyers’ Plan or Lifelong Learning Plan	No	Yes
Spouse’s rights	Protected by pension law; consent often needed to unlock	No pension-law consent needed
Creditor protection	Protected by pension law while locked in	Not covered by pension law
By the end of the year you turn 71	Must become a LIF or life annuity	Must become a RRIF, an annuity, or be withdrawn

The RRSP guide covers deduction limits and withdrawals for the account a LIRA is based on. Unlocked LIRA money moved into an RRSP follows RRSP rules from then on.

How does a LIRA become a LIF?

A life income fund is the payout stage of a LIRA, the way a RRIF is the payout stage of an RRSP. The money stays invested, but the LIF pays you at least a minimum each year (the same minimum as a RRIF, set by the Income Tax Regulations) and, in most jurisdictions, at most a maximum set by pension law. The maximum is what makes the money last for life. Quebec is the exception: since 2025 its LIFs have no maximum once the holder is 55 or older.

Timing rules differ. B.C. allows a LIF from age 50, Alberta ties the start of locked-in income to age 50 or later, the federal restricted LIF used for the 50% unlock is for people 55 or older in the year, and Quebec lets a LIRA holder transfer to a LIF at any age. Everyone has to convert by December 31 of the year they turn 71. The RRIF guide explains how the minimum works, because a LIF uses the same one.

For federally regulated LIFs, OSFI publishes the 2026 maximum as a percentage of the January 1 balance, by age on December 31, 2025. A few points from its table:

Age on December 31, 2025	Federal LIF maximum for 2026 (% of January 1 balance)
55	5.2096%
60	5.5304%
65	6.0272%
71	7.0804%

Worked example (federal LIF). A federal LIF holds $200,000 on January 1, 2026, and the holder was 65 on December 31, 2025. The most they can take in 2026 is $12,054. The RRIF minimum at 65 is 4%, or $8,000, so the yearly payment must fall between those two amounts. In the year a federal LIF is set up there is no minimum, and the maximum is prorated by the months left in the year.

Provincially regulated LIFs use their own maximum formulas, so the federal percentages do not apply to them. The full federal table for every age is on the RRIF and LIF withdrawal rates page, and the RRIF calculator shows the minimum for your own balance.

How is a LIRA taxed?

A LIRA is taxed the same way as an RRSP:

Transfers in are not taxed. Moving the commuted value from a pension plan to a LIRA, or a LIRA to another LIRA or a LIF, is a direct transfer, not income. The Income Tax Act caps how much of a pension can move tax-free; in Ontario, money that went into a locked-in account above those limits can be unlocked.
Growth inside is not taxed while it stays in the account.
Money paid out is taxed as income. LIF payments and unlocked cash withdrawals are added to your income for the year. FSRA notes the CRA includes hardship withdrawals in taxable income and the institution withholds tax before paying you.
LIF income can be split with a spouse at 65. The CRA’s pension income splitting rules treat LIF payments like RRIF payments once the holder is 65 or older.

Because a large unlocking withdrawal is stacked on top of your other income, it can cost more tax than expected. The income tax calculator shows what an extra lump sum does to your tax for the year. Some institutions also charge withdrawal fees: $25 per partial withdrawal from an RRSP, LIRA or LRSP at TD Direct Investing, and $50 per partial withdrawal from an RRSP, spousal RRSP, LIRA or LRSP at Questrade.

Can you move a LIRA to another bank or brokerage?

Yes. A LIRA can move to another LIRA at a different institution by direct transfer, and the money stays locked in under the same law. Retraite Québec lists changing financial institutions as one of the permitted transfers. The receiving institution normally starts the transfer. Before moving, check three things: that the new institution offers LIRAs under your pension law, that it also offers the LIF you will need by 71, and whether the old institution charges a transfer-out fee or a penalty to sell GICs before they mature.

Wealthsimple offers a LIRA that is available (self-directed and managed), and it accepts transfers of non-registered (individual and joint), TFSA, RRSP, spousal RRSP, FHSA, RRIF, spousal RRIF, LIRA, LIF, pension, RESP, business, and margin accounts. Transfer-out fees charged by the old institution are reimbursed on transfers of $25,000 or more, up to $150 per account. If moving a LIRA into low-cost ETFs or a managed portfolio is the step you are weighing, a Wealthsimple LIRA is one option to compare with your current institution’s fees. It does not change the locking-in rules: no provider can let you add new money or withdraw outside the legislated routes. The Wealthsimple transfer guide walks through how a registered transfer works.

Common LIRA mistakes

Assuming your home province’s rules apply. The law of the original pension plan decides, and it can be federal even if you have always lived in one province.
Missing the 60-day window. The federal and Ontario 50% options must be used within 60 days of the money arriving in the RLIF or Schedule 1.1 LIF, and there is no second chance for that transfer.
Unlocking less than 50% without a plan. Federally and in Alberta, the 50% unlock is one-time; taking 30% does not leave 20% for later.
Cashing out when a transfer would do. Federal and Alberta rules let most unlocked money go to an RRSP or RRIF, which defers the tax (Ontario hardship money and Quebec LIF withdrawals cannot). Taking cash triggers tax on the whole amount in one year.
Splitting accounts to reach a small balance. B.C. and Alberta forbid it, and an institution that does it breaches the regulation.
Paying someone who promises a tax-free unlock. Retraite Québec warns that offers to withdraw all of a LIRA without paying tax are false and illegal, and that people who use them risk losing their money.
Leaving the conversion until December of the year you turn 71. Transfers take time, and Retraite Québec notes that investments such as GICs can usually only move when they mature unless the contract allows otherwise, sometimes with penalties or fees.

What if an unlocking request is refused or delayed?

Start with the financial institution holding the LIRA or LIF: it reviews unlocking applications and can tell you which form or document is missing. Common problems are the wrong regulator’s form, a missing spousal waiver, an unwitnessed attestation (federal attestations must be made before a notary public or commissioner) or a balance above the threshold. For questions about the rules themselves, contact the regulator named on your addendum: OSFI for federal plans, FSRA in Ontario, BCFSA in B.C., the Alberta Superintendent of Pensions or Retraite Québec. For questions about the pension itself, such as a commuted value that looks wrong, contact the plan administrator. Tax questions, including non-residency status, go to the CRA.

What changes next for LIRA rules?

January 2027: a new YMPE takes effect (BCFSA notes the CRA sets it each year), which moves every small-balance and hardship threshold tied to it. This page will be updated when the regulators publish the 2027 dollar figures.
For 2027: OSFI publishes a new federal LIF maximum table each year; the 2026 table used the November 2025 long-term Government of Canada bond yield, so the 2027 table will reflect rates in late 2026.
Any time: provinces can change their pension laws, as Quebec did on January 1, 2025 when it removed the LIF maximum at 55 and older, and Alberta did on September 1, 2014 when it moved hardship unlocking to financial institutions. Changes to locking-in rules come from legislation, so they are announced by the provincial government and the regulator.

For a view of how LIF income fits with CPP, OAS, a RRIF and a TFSA, the retirement income planning guide puts the pieces in order.

Frequently asked questions

What is a LIRA account in Canada?

A LIRA is a locked-in retirement account: an RRSP with a pension-law addendum attached that stops you from cashing it out. It exists to hold the value of a workplace pension after you leave the employer, so the money keeps the protections it had inside the pension plan. You choose the investments, much as in an RRSP, and growth is not taxed while it stays inside. Money can only leave through a transfer to a LIF or annuity, or through legislated unlocking.

What does LIRA stand for?

LIRA stands for locked-in retirement account. Some provinces and institutions call a similar account a locked-in RRSP or LRSP, and the federal Pension Benefits Standards Regulations use the name locked-in RRSP for money from federally regulated pension plans. The names differ, but each is a registered account holding locked-in pension money until it is converted into retirement income.

Can you withdraw money from a LIRA?

Not freely. A LIRA is designed to pay retirement income, so withdrawals are only allowed in situations the pension law lists: a small balance, financial hardship (not in Quebec), becoming a non-resident of Canada, a shortened life expectancy, and in some jurisdictions an unlock of up to 50% when you move to a life income fund. Otherwise, the money leaves only as regular income from a LIF or an annuity. Each route needs forms, usually sent to the financial institution holding the account.

How much can I withdraw from my LIRA in Canada?

It depends on the unlocking route and the law that governs the account. Under federal rules, someone 55 or older can unlock up to 50% once through a restricted LIF, or cash out every federal locked-in account if together they total $37,300 or less in 2026. Financial hardship withdrawals under federal rules are capped at $37,300 in 2026. Ontario, B.C., Alberta and Quebec use their own thresholds, mostly set as a share of the CPP's Year's Maximum Pensionable Earnings, and since 2025 a Quebec LIF has no withdrawal maximum from age 55.

What is the difference between a LIRA and an RRSP?

Both are registered accounts where investments grow tax-sheltered, and a LIRA is legally an RRSP with a locking-in addendum. The difference is where the money comes from and how it gets out. An RRSP holds your own contributions, which are tax-deductible and can be withdrawn at any time as taxable income. A LIRA only holds money transferred from a pension plan, takes no new contributions, and can only pay out through a LIF, an annuity or a legislated unlocking route.

Can you contribute to a LIRA?

No. A LIRA can only receive locked-in money: a transfer from a registered pension plan, another LIRA or another locked-in account (Quebec also allows a locked-in VRSP account). The Alberta Superintendent of Pensions states that no funds other than those transferred from a pension plan may be held in a LIRA, and Retraite Québec says RRSP or RRIF money cannot be moved into one. To save more for retirement, you would use your own RRSP, TFSA or FHSA room instead. Moving a LIRA to another institution does not count as a contribution.

What are the LIRA withdrawal rules in Ontario?

Ontario LIRAs fall under the Pension Benefits Act, administered by FSRA. You can unlock if you are 55 or older and all your locked-in accounts total less than 40% of the YMPE, if you have been a non-resident for 24 months, or if your life expectancy is two years or less. Moving money into a Schedule 1.1 LIF opens a 60-day window to withdraw or transfer up to 50% of it. Financial hardship covers medical costs, rent or mortgage arrears, first and last months' rent, and low expected income.

What are the LIRA withdrawal rules in Alberta?

Alberta LIRAs fall under the Employment Pension Plans Act, which lists five unlocking provisions: small amounts, shortened life expectancy, non-residency, 50% unlocking and financial hardship. At 50 or older, you can unlock up to 50% once, when you start a LIF or a life income type benefit account. An account under $14,920 in 2026, or $29,840 at 65 or older, can be unlocked as a small amount. Hardship applications go to your financial institution, not the government.

When do you have to convert a LIRA to a LIF?

No later than December 31 of the year you turn 71, which is also the deadline for an RRSP. By then the LIRA has to move into a life income fund or buy a life annuity from an insurer. You can usually convert earlier: B.C. and Alberta allow a LIF from age 50, Quebec at any age, and the federal restricted LIF used for the 50% unlock from 55. Converting early starts the RRIF-style minimum from the following year, which matters if the income is not needed yet.

Is a LIRA taxable when you withdraw from it?

Yes. Money paid to you in cash from a LIRA or LIF is taxable income in the year you receive it, and the financial institution withholds tax on unlocked lump sums and on LIF payments above the minimum. Transfers between registered accounts, for example from a LIRA to a LIF, or an unlocked amount moved directly into an RRSP or RRIF, are not taxed when they happen and do not use RRSP contribution room. Tax is paid later, when the money comes out of that account.

Can you unlock a LIRA if you move out of Canada?

Usually, yes. Federal rules require at least two calendar years as a non-resident, Ontario 24 months since you left, and Quebec at least two years outside Canada. B.C. asks for a CRA letter confirming non-residency plus a statement that you have been away two years or more, and Alberta for the CRA's written confirmation. Once approved, the whole balance can be withdrawn, and the payment is taxable. Spousal consent rules vary by jurisdiction, so ask the institution which forms it needs.

Does Wealthsimple offer a LIRA?

Yes. Wealthsimple lists a LIRA among its account types, available both self-directed and managed, and accepts LIRA and LIF transfers from other institutions. As with any provider, you cannot open a Wealthsimple LIRA with new savings; it is funded by a transfer from a pension plan or an existing LIRA. Before moving, check that it supports the pension law your LIRA falls under and that it offers the LIF you will need later.

Part of our Retirement income planning: CPP, OAS, GIS, RRIF, TFSA and pensions.

Rules, rates and sources

Last verified: September 29, 2026
Next scheduled check: December 29, 2026

Rule or table	In effect from	Verified
LIRA and locked-in account rules — locking-in, unlocking options by jurisdiction (federal, Ontario, B.C., Alberta, Quebec)	January 1, 2026 to December 31, 2026	September 30, 2026
Federal LIF, RLIF and variable benefit account maximum withdrawals (2026)	January 1, 2026 to December 31, 2026	September 29, 2026
RRIF minimum withdrawal factors	January 1, 2015	September 29, 2026
RRIF rules — conversion options, funding sources, spouse's-age election, death and pension splitting	January 6, 2026	September 30, 2026

Official sources

Unlocking funds from a pension plan or from a locked-in retirement savings plan — OSFI (what a federal locked-in plan is) — Office of the Superintendent of Financial Institutions
Unlocking from restricted life income funds — OSFI (one-time option, no carry forward) — Office of the Superintendent of Financial Institutions
Pension Unlocking - Non-Hardship — FSRA (locked-in purpose) — Financial Services Regulatory Authority of Ontario
Withdrawing from Locked-in Accounts because of Financial Hardship — FSRA (four categories) — Financial Services Regulatory Authority of Ontario
Unlocking pension funds — BCFSA (no 50% unlocking in B.C.) — BC Financial Services Authority
LIRAs and LIFs — BCFSA (plans left before 1993) — BC Financial Services Authority
Pensions – Information for individuals — Alberta.ca (LIRA on leaving a plan) — Government of Alberta
Interpretive Guideline — Government of Alberta (Treasury Board and Finance, Superintendent of Pensions)
Locked-in Retirement Account - What you Need to Know — Retraite Québec (purpose) — Retraite Québec
Characteristics of a locked-in retirement account (LIRA) — Retraite Québec (deadline) — Retraite Québec
Refunding LIRAs — Retraite Québec (the three refund situations) — Retraite Québec
Amendments related to LIFs as of 2025 — Retraite Québec (no LIF maximum from age 55) — Retraite Québec
Information for Individuals — Accessing Pension Funds, January 2026 — Alberta Superintendent of Pensions (small amount under 65) — Government of Alberta (Treasury Board and Finance, Superintendent of Pensions)
Life Income Funds, Restricted Life Income Funds, and Variable Benefits Accounts — OSFI (Table 1, 2026) — Office of the Superintendent of Financial Institutions
Chart – Prescribed factors (RRIF) — Canada.ca — Canada Revenue Agency
Minimum amount from a RRIF — Canada.ca — Canada Revenue Agency
Income Tax Regulations, C.R.C., c. 945, section 7308 — Justice Laws Website — Department of Justice Canada
Economic Action Plan 2015 Act, No. 1 (S.C. 2015, c. 36), section 23 — Justice Laws Website — Department of Justice Canada
Registered Retirement Income Fund (RRIF) — Canada.ca — Canada Revenue Agency
Setting up a RRIF — Canada.ca — Canada Revenue Agency
Transferring to your RRIF — Canada.ca — Canada Revenue Agency
RRSP options when you turn 71 — Canada.ca — Canada Revenue Agency
Options for your own RRSPs — Canada.ca — Canada Revenue Agency
Guide T4040, RRSPs and Other Registered Plans for Retirement — Canada.ca (maturity options) — Canada Revenue Agency
Receiving income from a RRIF — Canada.ca — Canada Revenue Agency
Information Sheet RC4178, Death of a RRIF Annuitant, PRPP Member, or ALDA Annuitant — Canada.ca (general rule) — Canada Revenue Agency
Pension income splitting — Canada.ca (eligible pension income) — Canada Revenue Agency
LIRA at Wealthsimple — wealthsimple.com
Account types you can transfer into Wealthsimple — help.wealthsimple.com
Transfer-out fee reimbursement — wealthsimple.com
TD Direct Investing partial withdrawal fee (RRSP, Basic RRSP, LIRA, LRSP) — td.com
Questrade fee per partial RRSP, spousal RRSP, LIRA or LRSP withdrawal — questrade.com

How we check figures: our methodology and editorial policy.

General information for education, not financial, tax, legal or immigration advice. Rules change — confirm anything you act on with the official source or a licensed professional (for immigration, a lawyer or a licensed consultant registered with the College of Immigration and Citizenship Consultants).