Life Income Fund (LIF)

A Life Income Fund (LIF) is a registered investment that converts locked-in retirement savings into regular income payments with the added flexibility of being able to adjust the payment amount and how often it is received. A LIF provides for a minimum and a maximum payment until the age of eighty. You cannot withdraw more than the legislated maximum amount each year. This ensures a balance remains in the LIF to provide an income for life. By December 31st of the year that you reach the age of eighty the remainder of the funds must be used to purchase a Life Annuity.