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Our response:

Life income funds (LIFs) in Ontario are regulated by the Financial Services Regulatory Authority of Ontario (FSRA).

The rules regarding withdrawals are set by FSRA. Depending on when you opened your LIF, you either have a “New LIF” or “Old LIF” under this regulation. The rules for New LIFs and Old LIFs are available on FSRA’s website.

If you have additional questions regarding the rules surrounding LIFs, contact FSRA or speak to a registered financial advisor.