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How much can you transfer from a LIRA to an RRSP?
Katherine, Ontario residents can transfer up to 50%—and in some cases, up to 100%—of their locked-in retirement account (LIRA) to a registered retirement savings plan (RRSP), without needing any RRSP contribution room. And that’s a good thing. It provides extra flexibility with retirement income planning.
Every province has its own set of rules for unlocking money from a LIRA that arose from a provincially regulated pension in that province. There are also federal rules for federally regulated pensions. These are the common ways to qualify in Ontario for plans registered in Ontario:
Up to 50% unlocking after age 55Several financial hardships (up to 100%)A shortened life expectancy (up to 100% if life expectancy is two years or less)If possible, have your registered account fees (RRSP, RRIF, TFSA) taken from the LIF…