WHAT IS A LIRA OR A LOCKED-IN RRSP?
They are special registered retirement savings plans (RRSPs) in which you can transfer the funds from a supplemental pension plan. If you prefer not to leave the funds in the existing plan, you can transfer them to a locked-in RRSP or a LIRA, in accordance with the provincial or federal legislation governing the plan. WHAT IS THE DIFFERENCE BETWEEN A LIRA AND A LOCKED-IN RRSP? Both plans share many common features. If your employer is subject to Quebec legislation, you must transfer the accumulated funds to a LIRA. However, if your former employer falls under federal legislation (rail or air transportation, radio, television, bank, etc.) a locked-in RRSP will be used. HIGHLIGHTS OF A LOCKED-IN RRSP Like regular RRSPs, , they will make your money grow tax-free via a broad range of eligible investment products. Of course, investments eligible for RRSPs are also eligible for LIRAs / locked-in RRSPs. Because of the flexibility of this investment option, you can anticipate higher potential
