Your investing questions, our clear answers.

Our response:

Locked-in Retirement Accounts (LIRAs) are intended to provide income in retirement, and generally must remain “locked-in”. However, in some instances, funds can be withdrawn in cases of financial hardship, or other circumstances. In Ontario, the Financial Services Regulatory Authority of Ontario (FSRA) regulates pensions and LIRAs. You can learn more about the rules surrounding LIRAs on FSRA’s website.

Speak to a financial advisor about your options when purchasing a home – for example, using the RRSP Home Buyers’ Plan. For more information about LIRAs, contact FSRA.