LIRA | RRSP | |
---|---|---|
Goal | Save for retirement | Save for retirement |
Are annual contributions allowed? | No, only transfers. Funds must be transferred from an existing pension plan or LIRA. | Yes, you can contribute a maximum of 18% of your previous year annual income, up to $32,490 in 2025. |
Are there any tax benefits associated with my contributions? | None. | Income tax deduction. |
Can I withdraw my funds? | Not before you reach retirement age, with some exceptions (e.g., reduced life expectancy, death). | Yes, at any time.[1] |
What are the withdrawal conditions? | A LIRA must be converted to a LIF by the time you are 71. | You can withdraw the funds or convert your RRSP to a RRIF up to the age of 71. |
Are withdrawals taxable? | Yes. | Yes. |
Offered by FlexiFonds | LIRA with FlexiFonds products | RRSP with FlexiFonds products |
What's the difference between a LIRA and an RRSP?
FlexiFonds de solidarité FTQ Inc.
The units of the FlexiFonds funds are distributed solely in Québec by FlexiFonds de solidarité FTQ inc., a mutual fund dealer wholly owned by the Fonds de solidarité FTQ. FlexiFonds de solidarité FTQ inc. does not distribute the units of any other mutual funds. Management fees and other expenses may be associated with mutual fund investments. Please consult your advisor and read the prospectus and the fund facts documents before making an investment. The units of the FlexiFonds funds are not covered by the Canada Deposit Insurance Corporation nor any other government deposit insurer. The FlexiFonds funds are not guaranteed, their values change frequently, and past performance may not be repeated.

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