LIF help
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Thread: LIF help

  1. #1
    Junior Member
    Join Date
    Dec 2016
    Posts
    27

    LIF help

    I know if the gain at the year end over the previous of RRIF account is more than the minimum withdrawal, than I need to withdraw that amount. What about the LIF ? Thanks.


  2. #2
    Senior Member
    Join Date
    Aug 2013
    Posts
    1,726
    Also not so. Again, withdrawl is based on your age and the LIF balance at the start of the year. Your gains over the year can stay in the LIF. They just serve to increase the balance that next year's withdrawl amount is based on. The main planning difference between your LIF and your RRIF is that in addition to the minimum withdrawl rate, the LIF also has a maximum withdrawl rate (%).

  3. #3
    Junior Member
    Join Date
    Dec 2016
    Posts
    27
    Got my answer from the 'RRIF withdrawal help' post.

    Thank you OstsyEagle again !


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