LIRA / LIF Calculator
CanadaMinimum and maximum withdrawal from a Life Income Fund (LIF). Locked-in funds from a pension transfer have both a minimum (same idea as RRIF) and a maximum. Federal schedule shown; provincial rules may differ. RRIF.
5.4% of balance
6.94% of balance
You must withdraw between the minimum and maximum each year. Federal LIF schedule; provincial LIF/LIRA rules (e.g. Ontario, Quebec) may have different maximums. Verify with your institution.
About this calculator
This calculator shows the minimum and maximum amounts you can withdraw from a Life Income Fund (LIF) in a given year. LIFs hold locked-in retirement savings (e.g. from a pension transfer or LIRA conversion). Unlike a RRIF, a LIF has both a minimum withdrawal (set by CRA prescribed factors, similar to RRIF) and a maximum withdrawal (set by federal or provincial rules to preserve capital over your lifetime). Use it to plan your income while staying within the allowed range.
How it works
Minimum withdrawal: The minimum is your LIF balance at the start of the year multiplied by the same CRA prescribed percentage used for RRIFs, based on your age. You must withdraw at least this amount each year.
Maximum withdrawal: Federal and provincial rules cap how much you can withdraw from a LIF each year (as a percentage of the balance). This calculator uses the federal schedule; your province (e.g. Ontario, Quebec, Alberta) may have different maximum percentages for provincially regulated LIFs. Your financial institution will apply the correct schedule for your plan.
You must withdraw an amount between the minimum and maximum each year. Amounts withdrawn are taxable as income. Locked-in rules restrict when and how you can access the funds; confirm with your plan administrator and the regulator that governs your LIF.
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