Federally Regulated LIF and LRIF Maximum Withdrawals
Provincially Regulated LIF and LRIF Maximum Withdrawals
Quebec Removal of LIF Maximum Withdrawals
Life income funds (LIFs) and locked-in retirement income funds (LRIFs) are subject to minimum withdrawals under the Income Tax Act (ITA). The ITA treats LIFs and LRIFs the same as registered retirement income funds (RRIFs). See the article on our RRSP/RRIF page for the factors used to calculate minimum withdrawals. There is no withdrawal required in the year the LIF or LRIF is started.
Use our RRSP/RRIF Withdrawal Calculator to calculate minimum withdrawals. The calculator will not calculate maximum withdrawals for locked-in accounts.
LIFs and LRIFs have maximum annual amounts that may be withdrawn. The maximum amounts are regulated by federal or provincial pension legislation, not the Income Tax Act, depending on the plan from which the LIRA originated.
If your LIF or LRIF is federally regulated, the percentages in the table from the website of the Office of the Superintendent of Financial Institution (OSFI) can be used to determine the maximum annual withdrawal for the year. From that OSFI page, select 2. How much money can be withdrawn from a life income fund (LIF), restricted life income fund (RLIF) or variable benefit account? The percentages in the table change each year, as they are determined by reference to the CANSIM B14013 rate in effect during the previous month of November.
The maximum withdrawal is really not much higher than the minimum withdrawal at first, so you may find that your locked-in fund grows even if you are taking out the maximum amount each year.
For provincially regulated funds, follow the links in the table of RPP regulators to find information on how your maximum withdrawal is calculated.
The maximum for provincially regulated LIFs and LRIFs in Alberta, BC, Newfoundland & Labrador, and Ontario is the greater of:
In other provinces it is the amount determined by multiplying the beginning of year balance by a prescribed annuity factor, which depends on an interest rate and the owner's age.
Effective January 1, 2025, amendments to life income funds (LIFs) will come into force. These amendments do not apply to locked-in retirement accounts (LIRAs) or voluntary retirement savings plans (VRSPs).
For information on all amendments with a comparison to 2024 rules see Amendments related to life income funds as of 2025 on the government of Quebec website.