A special gift for the future.

A LIF is to a LIRA what a RRIF is to an RRSP. Your LIRA savings are transferred to a LIF where they continue to grow and provide you with retirement income. The interest paid on your GICs is not taxed while the funds remain in your LIF. However, you’re required to take an annual minimum withdrawal, and all withdrawals from a LIF are considered income for tax purposes.

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