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Locked-in Retirement Account (LIRA)
A locked-in retirement account (LIRA)
is a savings tool specially designed for the investment of amounts acquired
under a pension plan (or retirement plan). If you leave or lose your job,
the locked-in amounts you have accumulated in your employer’s pension
plan may be transferred to a LIRA.
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Who Should Consider a LIRA?
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For people wishing to transfer a registered pension
plan so that they can exercise a certain amount of control over
their investments.
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Features and Advantages
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You obtain an income tax deferral on your
investment income. |
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Your protection against financial market fluctuations may attain
and even exceed 100% of the capital invested.
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You can protect your savings against potential creditors*.
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*Certain conditions apply.
Under the regulations, a LIRA cannot be redeemed, except
under certain circumstances*, and must be converted to a life
income fund (LIF), or another retirement income instrument by December
31 of the year you turn 71.
*Varies by Provincial jurisdiction
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Products Available
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A LIRA permits you to invest in the following
investment vehicles:
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Daily Interest Funds
For investors wishing to accumulate money to make investments and
accumulate interest on a daily basis.
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Investment
Funds
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For all types of investors,
from cautious to aggressive, who are seeking sound diversification
of their investments. No matter what the investment horizon, our
wide range of investment funds can satisfy the needs of every investor.
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