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.