LRIF/LIF Account
Life Income Fund (LIF)
If you have an RRSP and/or locked-in savings that came from a pension plan, you have to make a choice about what to do with that money by December 31 of the year that you turn 71.
A LIF is a form of a RRIF, but since the funds originated from a pension plan, there are additional restrictions that can vary from province to province.
Two major differences between a LIF and a RRIF are:
- Although both require a minimum payment amount be withdrawn out of the plan each year, the LRIF imposes a maximum annual withdrawal.
- With a RRIF, you control the investments during your entire lifetime. With a LRIF (except in Quebec) you must purchase an immediate life annuity, which must include a 60% spousal survivor benefit, unless the spouse waives this requirement, by the end of the calendar year of your 80th birthday.
Benefits of a LRIF
- Tax-Sheltered Growth
- Flexible Investment Options
- Flexible income payments with low minimums
We Offer 5 LIF Investment Account Choices
Signature Service LIF Account
It’s a premium asset management service that’s commission free and gives you access to all the services, advice and investment options you need to meet your financial goals.
Mutual Fund LIF
Choose from an extensive lineup of mutual funds from more than 35 fund management companies. Our fund selection encompasses a full range of savings, income and growth funds.
Managed Portfolio LIF
Building a diversified portfolio and constantly monitoring and adjusting it takes time and expertise. For this reason, many investors prefer our “All-In-One Fund Solution,” which offers an easy and effective way to handle the money management and asset mix.
GIC LIF
We offer LIF Guaranteed Investment Certificates (GICs) in terms ranging from one to five years. GICs provide guaranteed principal and interest, so they make an ideal addition to a diversified portfolio.
Self-Directed LIF
Our platform provides all the available products under one plan, with maximum flexibility to manage your investments.
Get Started Now!
Open an LRIF account or transfer your existing LRIF account to GP Wealth Management. We encourage you to get professional advice when managing your LRIF account.
Related Information
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Investment and Retirement Products
GP Wealth offers mutual funds from over 30 fund management families. Funds may be discontinued or change names without notice. Some funds have minimum initial deposit requirements, a minimum duration, or have limited subscription.
Types of Investment and Retirement Products Available
MUTUAL FUNDS GUARANTEED INVESTMENT CERTIFICATES (GICs) ANNUITIES BONDS AND DEBENTURES* SEGREGATED FUNDS STOCKS* Mutual Funds Available
GICs Available
B2B BANK BMO BANK BRIDGEWATER BANK CANADIAN WESTERN BANK CANADIAN WESTERN TRUST COMMUNITY TRUST CONCENTRA FINANCIAL DUCA EFFORT TRUST EQUITBLE BANK GENERAL BANK OF CANADA HAVENTREE BANK HOME BANK HOME TRUST COMPANY ITALIAN CANADIAN SAVINGS & CU LAURENTIAN BANK MANULIFE BANK/TRUST MCAN MORTGAGE CORPORATION PACIFIC & WESTERN BANK PEACE HILLS TRUST PEOPLE'S TRUST VERSA BANK Segregated Investment Funds
If you have any questions about investing in investment and retirement products, send us an email and we would be pleased to help.Invesco Segregated Funds Great West Life Assurance Co. CI Segregated Funds Mackenzie Segregated Funds Canada Life Standard Life Empire Life TD Guaranteed Funds Important information
*Bonds and Equities are made available through an exclusive referral agreement with B2B Securities and Q-Trade Investors. Please speak to your financial advisor for further details on this service.
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Retirement Planning
Plan Your Retirement – Today and for the Future
Whether you’re currently retired or years away, reviewing your financial plan regularly makes sense. With the ever-changing tax laws and investment options, planning for retirement requires continuous monitoring and updating to ensure you’re on top of things.
As an independent wealth management company with strong alliances among Canada’s top financial companies, GP Wealth has enormous flexibility in designing financial plans and recommending appropriate products for its clients. We pride ourselves in providing objective advice. You get a comprehensive financial plan that is tailored to your needs.
Why Prepare a Retirement Plan
Planning for retirement requires a long-term commitment that should not be delayed. One of the most important aspects of the financial planning process is preparing for a secure retirement.
The decisions you make today will have a huge impact on your lifestyle in retirement.
We can help you determine how much you will get from your company pension and the government when you retire, and how to make up the difference with your own customized investment plan.
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Annuities
Learn More About Annuities
The Value of Advice
Canadians with financial advisors are more confident about their future.
Client Relationship Document
We’ve developed a plain-language document that describes the relationship between you and your GP Wealth Financial Advisor or Planner.