The process of unlocking a LIRA account in Canada + MORE Feb 1st

Thank you for “How to get money out of locked-in retirement accounts”. 

I have a federally regulated LIRA. I’m 55. I’m looking to unlock 50% of the balance. I came across your article while seeking some LIRA/LIF/RRSP information. 

I’m getting conflicting information regarding the process. One site indicates it is possible to transfer the one-time 50% directly from a LIRA to an RRSP. If possible, this would be preferable. This was also indicated by my discount broker but I’m having some trust issues with them.

Another indicates this is done via a LIF and also requires the entire balance of the LIRA to be transferred into the LIF. It then goes on to suggest transferring the unused 50% in the LIF into a new LIRA before one year. 

Yet another indicates it must go into a LIF and I must start drawing from the LIF each year (starting year 2) in addition to taking the 50% one-time amount out.

Additionally, I understand that emergency withdrawals are possible as well as transferring a portion to an RESP for school expenses…

Welcome to the MoneySense Find a Qualified Advisor tool. We’ve partnered with the Financial Planning Association of Canada (FPAC) to create a directory of credentialed advisors providing financial planning and investing services across Canada. All of the advisors in our Find a Qualified Advisor tool are active FPAC members and have at least one recognized financial planning designation. (You can learn more about the different designations below the table.) 

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Do you ever feel like you’re missing out on easy money? With so many amateur investors offering financial advice, sharing tips on stocks and cryptocurrencies, and pumping up non-fungible tokens (NFTs), it’s easy to think you’re the only one not cashing in.

Yes, some people have made money by following these and other investing trends, but building wealth isn’t about joining the latest meme stock craze. It’s about developing healthy financial habits and sticking with them over time. Plus, don’t let your FOMO (fear of missing out) fool you—some social media influencers seem rich, but sometimes appearances can be deceiving.

Lifestyle envy is nothing new, of course, but social media has put it into overdrive. Raia Carey, a certified life coach and spokesperson for Capital One Canada who has partnered with them to share tips on how to achieve greater wellbeing, including financial wellness, says that social media can alter our expectations of reality. As a result, we often think that we’re missing out on things whenever we log off or put our phones down…