Used when clients begin drawing income from retirement savings.

LIF (Life Income Fund)

• Use Case: Converts LIRA into income.
• Withdrawals: Subject to minimum and maximum annual limits based on age and jurisdiction.
• Restrictions: Cannot withdraw lump sums (unless unlocking rules apply).

RLIF (Restricted Life Income Fund)

• Use Case: Receives RLSP transfers.
• Note: Same as LIF but follows federal or restricted pension legislation.

LRIF (Locked-In Retirement Income Fund)

• Use Case: Similar to LIF but only available in specific provinces.
• Status: Largely replaced by LIFs but still active in legacy accounts.

PRIF (Prescribed RIF)

• Use Case: Saskatchewan and Manitoba alternative to LIF.
• Benefit: No maximum withdrawal limit — more flexibility in retirement withdrawals.
• Restrictions: Still governed by locked-in pension rules.

RIF (Registered Retirement Income Fund)

• Use Case: Receives RRSP assets at retirement or age 71.
• Requirement: Must convert RRSP to RIF by Dec 31 of the year client turns 71.
• Withdrawals: Subject to minimum annual withdrawal rate.

Spousal RIF

• Use Case: Drawdown of spousal RSP to allow income splitting in retirement.
• Consideration: Attribution rules apply if withdrawals are made within 3 years of contribution.