Can a LIRA be transferred to an RRSP with no contribution room in Ontario? Aug 10th

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Can a LIRA be transferred to an RRSP with no contribution room in Ontario?

– moneysense.ca

Can 50% of my LIRA be transferred to my RRSP if I do not have contribution room in Ontario Canada? Is it better to transfer to an RRSP or RRIF if funds are not needed and are used for investment purposes?—Katherine

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…

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