LIFs by Craven Financial Planning
Discover how a Life Income Fund (LIF) in Canada can help turn your locked-in pension savings into a steady income stream during retirement.
Grow Your Savings
With tax-deferred growth on your transferred pension funds, a Life Income Fund (LIF) is a powerful tool for ensuring long-term retirement security. LIFs allow your locked-in savings to grow through investments like mutual funds, ETFs, and GICs, while providing regular income throughout your retirement. Whether you’re converting from a LIRA or consolidating pension assets, a LIF offers flexibility with limits on withdrawals to ensure your savings last.
Common Questions and Answers:
- What investments can I hold in a LIF?
Stocks, bonds, mutual funds, ETFs, and GICs can be held in a LIF. - How does a LIF help manage my pension savings?
With tax-deferred growth, your investments grow without being taxed until withdrawn as income during retirement. - What strategies can maximize LIF growth?
Diversifying investments and planning withdrawals carefully can help extend your retirement income.
Ready to secure your retirement with a LIF? Contact Financial Planner William (Bill) Craven for personalized LIF strategies.
Ready to convert your LIRA into a Life Income Fund (LIF) and start receiving regular retirement income?
Whether you’re just getting started or looking to enhance your current investments, Financial Planner William (Bill) Craven will guide you in making smart decisions that align with your financial goals.
Get started today
A Life Income Fund (LIF) is a powerful tool that allows you to convert your locked-in pension savings into a tax-deferred account that provides regular income throughout retirement.
Frequently Asked Questions about LIFs
A Life Income Fund (LIF) is a retirement account used to convert locked-in pension savings into regular retirement income while allowing the investments to continue growing tax-deferred.
A LIF provides regular income payments from your pension savings, with minimum and maximum withdrawal limits set by the government to ensure your savings last.
You can hold a range of investments in a LIF, including stocks, bonds, mutual funds, ETFs, and GICs.
You can begin withdrawing from a LIF at the age of 55, and you must start withdrawals by the end of the year you turn 71.
Yes, withdrawals from a LIF are taxed as income in the year they are taken, similar to an RRSP or RRIF.
A LIF can be transferred to your spouse’s LIF tax-free. If no spouse is named, the funds are taxed and included in your final tax return.
Yes, you can convert a Locked-In Retirement Account (LIRA) into a LIF to begin drawing an income from your pension savings in retirement.
