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The process of unlocking a LIRA account in Canada
– moneysense.ca
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…
