Life Income Fund. A Life Income Fund and a Lock-In Retirement Income Fund are both types of personal retirement income funds. You can open these types of funds with the money transferred out of your pension plan when you leave your company or retire. They differ from a LIRA (see below) in that they give you a regular flow of income out of the account. Both have rules about minimum and maximum withdrawals.

Life Income Fund. A maturity option available for LIRA or LIRRSP assets to provide a stream of income at retirement. AGF offers LIF plans as an alternative to an annuity, which allows LIRA or LIRRSP plan holders to retain their AGF mutual funds until the end of the year in which they turn 80 (unless otherwise stated in that provinces' legislation for locked-in plans), and have flexible payments options. By the end of the first full calendar year the LIF plan holder must withdraw their first annual minimum payment (same as the RRIF minimum). LIF plans also have an annual maximum payment.

Life Income Fund. A retirement income option created for Locked-In RSPs and other registered pension plan savings to provide retirement income.

LIFE INCOME FUND. This is a special type of retirement income account that allows an individual some of the flexibility of a Locked-in Retirement Income Fund up to age 80, and then requires that the individual purchase a life annuity. There are minimum and maximum amounts that may be withdrawn up to age 80. These amounts are designed to make sure that (i) the individual draws income from the fund from the date the LIF is purchased to age 80, (ii) a reasonable level income is provided annually throughout the individual's entire retirement, and (iii) there is enough money at age 80 to continue monthly payments of the same amount as the individual received before age 80, through the purchase of a life annuity. Some provinces no longer require the purchase of an annuity at age 80.

Life income fund. This is a tax-deferred retirement savings vehicle - similar to a registered retirement income fund - for locked-in RRSP funds or transfers directly from registered pension plans (such as HOOPP.)

A life income fund, which is a registered retirement income fund (RRIF) into which locked-in pension funds can be transferred from a pension plan or a LIRA. Monthly or annual payments of pension income can be paid from a LIF.

Life Income Fund. When your Locked-In Retirement Account (LIRA) matures, you have the option of converting it to a Life Income Fund (LIF).

See Life Income Fund.

LIFE INCOME FUND. A personal retirement income fund offered by financial institutions. Similar to a Registered Retirement Income Fund (RRIF). A LIF can be purchased with pension funds when a member leaves or retires. A federal LIF is used to provide a regular retirement income, and is subject to minimum and maximum withdrawal limits. LIFs are governed by the Pension Benefits Standards Act, 1985 and the Income Tax Act (Canada) ( Income Tax Act).

Local Initiative Fund