If I convert a LIRA to a LIF this month do I still have 60 days to unlock 50%?
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Our response:
Rules related to Locked-In Retirement Accounts (LIRAs) and Life Income Funds (LIFs) in Ontario are regulated by the Financial Services Regulatory Authority of Ontario (FSRA). Information on locked-in accounts can be found on FSRA’s website.
A LIF created now would be considered a New LIF. For information related to the 50% unlocking withdrawal or transfer. New LIF information, including the 50% unlocking withdrawal or transfer, can be found in this FSRA publication.