| 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?
LIRAs and RRSPs are both retirement savings products. LIRAs hold funds from a former employer's pension plan. Once transferred to a LIRA, these funds cannot be withdrawn until retirement. RRSPs allow for both contributions and withdrawals, although withdrawals are taxable.
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.
Give us a call, and let's talk about your situation!
Monday to Thursday, from 9 a.m. to 8 p.m., and Fridays from 9 a.m. to 5 p.m.
1-833-383-2121
1
Subject to the terms and conditions applicable to the chosen investments.
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.
Information
All the information and data provided are for information purposes only; they are not intended to provide advice or recommendations of a financial, legal, accounting or tax nature with respect to investments. Although they are deemed reliable, no representation or warranty, express or implied, is made as to the accuracy, quality or completeness of this information and data. The opinions expressed should not be construed as a solicitation or an offer for the subscription or sale of shares of the Fonds de solidarité FTQ or the units referred to herein and should not be viewed as a recommendation. We suggest you consult your legal advisor.
