RRIF (Registered Retirement Income Fund)
RRIFs (Registered Retirement Income Fund), often associated with Annuities, are tax-deferred retirement plans where the RRIFs are used to formulate income from an individual’s RRSP (Registered Retirement Savings Plan). RRIFs offer great flexibility on how much money you decide to withdraw, and where you decide to use it.
LIRA (Locked-In Retirement Account)
LIRAs (Locked-In Retirement Accounts) are tax-sheltered investment accounts meant to hold pension funds invested by previous employers, meant for former partners, former plan members, or surviving partners. These investment funds are ‘locked-in’ until holders retire.
LIF (Life Income Funds)
LIFs (Life Income Funds) are RRIFs that hold pension funds, where money can only be withdrawn between the minimum and maximum amounts specified by the LIF owners.
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