Skip to content

Find a question

Can’t find what you’re looking for? Ask us a new question!

I am leaving my company with a defined benefit pension plan and the funds are being transferred to a LIRA – can it be used to buy a home?



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 However, in some instances, funds can be withdrawn in cases of financial hardship, or other circumstances.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.

Can’t find what you’re looking for?

Copy the URL to share:

  Share the site: