• Lifetime income funds are a type of pension fund used in Canada.

  • The Government of Canada regulates various aspects of Living Income Funds, in particular the amounts that can be withdrawn, which are set out annually in the provisions of the Income Tax Act for the RRIF.
  • You must be at least Early Retirement Age (specified in pension law) to purchase LIF, you must be at least Early Retirement Age or regular retirement date to start receiving LIF payments, and you must start receiving payments in the year after before you turn 71.
  • LIF benefits include the fact that LIF contributions increase with tax deferral, owners can choose their own investments (provided the investments qualify), and LIF funds are protected by lenders.
  • Lifetime income funds are offered by many institutions in Canada.