Locked-In Retirement Account (LIRA)

Give your pension a low-fee home, so it keeps working hard long after you leave your job.

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Put your pension to work

Grow without limits

Even though you can’t contribute to a LIRA, that doesn’t mean your money has to stay stagnant. Your funds can keep growing and growing until retirement – no need to worry about minimums or maximums.

Safeguard your savings

Your LIRA exists to hold your pension after leaving a job. That money can’t be withdrawn until you retire, making it a great way to keep on track for life after work.

Hold your money tax-free

Keeping money in a LIRA won’t have any tax implications today. Those funds are only taxed upon withdrawal, and at a lower rate.

Get to know the LIRA

How do withdrawals work?

There are a few circumstances where you’re allowed to withdraw early, but they’re rare.

Things like decreased life expectancy, loss of income, or becoming a non-resident are the most common.

But for the most part, withdrawals are limited to when you retire.

Locked-in

LIRAs stay true to their name: they’re 100% locked-in, meaning you cannot contribute to them once you leave your employer.

Access at retirement

Once you've officially retired, you'll be able to access the funds in your LIRA. That can be as young as 55, and you must convert it to a LIF by December 31 the year you turn 71.

Convert to a LIF

A LIF (Life Income Fund) is how you’ll access all of the money held in your LIRA once you’re retired. The government releases the annual minimum and maximum withdrawal rates each year on January 1.

How do withdrawals work?

There are a few circumstances where you’re allowed to withdraw early, but they’re rare.

Things like decreased life expectancy, loss of income, or becoming a non-resident are the most common.

But for the most part, withdrawals are limited to when you retire.

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Ways to invest with a LIRA

Have your portfolio managed by our advisors

With Managed investing, we do the heavy lifting. Tell us your goals and timeline for your LIRA, and we’ll build you a custom portfolio with a wide range of assets across the market.

Independently trade stocks and ETFs

A Self-directed investing account gives you total control over where your money is invested. Buy and sell over 9,000 stocks and ETFs commission-free, automate your investments, and start trading right away with up to $50,000 in instant deposits.

What’s the difference between a LIRA and an RRSP?

Both of these accounts are built for retirement, but with some differences. The good news is: you don’t need to choose between one or the other.
Attribute
LIRA
RRSP
Helps you save forRetirementRetirement
Eligibility18–71 years old18-71 years old
Annual contribution limit$0 (No contributions)18% of previous years income up to $31,560
Tax impact on contributionsNoneDeducted from taxable income
Tax impact on withdrawalsTaxed as retirement incomeTaxed as income (with some exceptions)
Contribution deadlineNone (No contributions)60 days after December 31st
Government benefitsNo impact on other benefitsWithdrawals may impact other government benefits based on income
Withdrawal stipulationsMust withdraw to LIF before 71Must withdraw to RRIF at 71

We make saving for retirement simple

Speak to a human any time

Questions about your LIRA? Reach out to our team 7 days a week by phone, chat, or email to get help from real, friendly, humans.

Bring all of your savings to one place

Transfer your LIRA to Wealthsimple, and you can help it grow alongside the rest of your money. Plus, get all of the perks of consolidating your wealth with us.

Keep more of your returns

Whether you’re picking your own stocks or letting us manage the investing, you won’t need to worry about high fees eating into your returns.

Transferring your LIRA is easy

Have an existing account somewhere else? We’ll make sure everything is kept in-tact when you transfer. Get started in just a few taps — no visits to a bank, no paperwork.

Contact our team

Make your golden years even brighter

Transfer your LIRA without any paperwork or visits to a bank, and continue saving for retirement today.