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How can money be withdrawn from a locked-in retirement account (LIRA)?

April 26, 2017account lira locked-in money retirement withdrawn

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How can money be withdrawn from a locked-in retirement account (LIRA)?

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The LIRA is used to save money for retirement. To obtain money from an LIRA, it must first be transferred to a life income fund (LIF). However, under certain circumstances (disability, non-resident of Canada , age 65 or older, or death), it is possible to obtain a refund. For certain transactions regarding LIRAs and LIFs, the holder may have to use one of the schedules from the Regulation respecting supplemental pension plans.