The LIF provides an income for life, that is, a retirement income until the holder's death. It also provides the option of a temporary income. At the beginning of each year, the financial institution calculates the maximum and minimum amounts that can be withdrawn from the LIF during the year. It is possible to get an estimate of the life income or temporary income that can be drawn using LIF Quick Calc, a calculator available as part of our online services. Under certain circumstances (non-resident of Canada, age 65 or older, or death), it is possible to obtain a refund of an LIF.
For certain transactions regarding LIRAs and LIFs, the holder may have to use one of the schedules from the Regulation respecting supplemental pension plans.