The LIRA with FlexiFonds products
Transfer your existing LIRA or pension funds to a locked-in retirement account.
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Why invest in a LIRA?
Do you have a new job and want to transfer the balance of the retirement plan or pension fund from your former employer to an individual plan? The locked-in retirement account (LIRA) is an ideal solution for tax-sheltered investment growth until retirement. A LIRA ensures that your money stays invested, with no option to make additional contributions or early withdrawals except in exceptional circumstances.
A savings vehicle that can be used to:
Advantages of choosing the LIRA with FlexiFonds products:
Some unique features of the LIRA
Exceptions for early withdrawals from a LIRA
LIRA funds are locked in until retirement. However, in the event of shortened life expectancy, non-residency in the country for two years, financial hardship, low balance in your LIRA or death, it is possible to withdraw the funds.
Maximum age to hold a LIRA
To cash out your investments, you must convert your LIRA to a life income fund (LIF) by December 31 of the year in which you turn 71.
Upon death
Upon death, the LIRA balance will be transferred tax-free to the deceased person's spouse. If the deceased is single, the balance will be paid out to the designated beneficiaries or to the estate.
Locked-in retirement account (LIRA) or locked-in retirement savings plan (LRSP)?
Both are retirement savings products used to transfer funds from an existing retirement plan or pension plan. However, depending on the jurisdiction your former employer's pension plan fall under (provincial or federal), you may be able to deposit your funds in a locked-in retirement account (LIRA) or in a locked-in retirement savings plan (LRSP). If you aren't sure which jurisdiction regulates your pension plan, our FlexiFonds mutual fund advisors can confirm the type of account that's right for you.
FlexiFonds mutual fund advisors will help you open your Locked-In Retirement Account
To enroll in a LIRA with FlexiFonds products, call a FlexiFonds mutual fund advisor. They can assist you in defining your investor profile and suggest the most suitable product. Take advantage of their expertise and zero-pressure guidance to optimize your savings strategy.
Monday to Thursday, from 9 a.m. to 8 p.m., and Fridays from 9 a.m. to 5 p.m.
70% of FlexiFonds mutual fund assets are related to the local economy
Investing with FlexiFonds products is a great way to keep your savings local.
Products to help your pension fund grow tax-free
The LIRA with FlexiFonds products gives you a choice of three mutual funds adapted to different investor profiles and primarily composed of Québec stocks and bonds.[2]
FlexiFonds Conservative
You prioritize income stability over long-term appreciation of your savings?
FlexiFonds Growth
Looking for long-term savings growth and, to a lesser extent, income?
Most frequently asked questions
FlexiFonds
What are the unique features of a LIRA?
A locked-in retirement account (LIRA) allows you to transfer money from a pension fund or a former employer's pension plan to an individual plan. Your funds will continue to grow tax-free until retirement.
More Details
: What are the unique features of a LIRA?
FlexiFonds
In what circumstances I might need to open and transfer funds into a LIRA?
You may need to transfer funds from a retirement plan or a pension fund to a LIRA if you've changed jobs, lost your job, your company has closed, or your pension plan administrator has ceased operations.
More Details
: In what circumstances I might need to open and transfer funds into a LIRA?
FlexiFonds
I've changed jobs. What should I do with my retirement fund from my old job?
We offer a variety of solutions, such as LIRAs, LRSPs, LIFs, and RRSPs with FlexiFonds to help your old retirement fund grow tax-free.
More Details
: I've changed jobs. What should I do with my retirement fund from my old job?
FlexiFonds
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.
More Details
: What's the difference between a LIRA and an RRSP?
FlexiFonds
What's the difference between a LIRA and an LRSP?
The main difference between a locked-in retirement account (LIRA) and a locked-in retirement savings plan (LRSP) lies in the jurisdiction under which each falls: provincial or federal.
More Details
: What's the difference between a LIRA and an LRSP?
FlexiFonds
Are RPPs and VRSPs also considered pension plans?
There are several different types of pension plan, each with its own characteristics and unique features. Two of the most popular are RPPs and VRSPs.
More Details
: Are RPPs and VRSPs also considered pension plans?
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.
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1
By participating in the Transfer Fee Refund Promotional Offer (the "Offer"), and subject to applicable laws and the current prospectus, you (the "Client") acknowledge that you have read, understand, and agree to be bound by the following terms and conditions.
In accordance with the terms of the offer, an amount equivalent to the transfer fees incurred, up to a maximum of $200, will be reimbursed to any client who transfers and invests all or part of a registered investment account such as an RRSP, TFSA, RRIF, LIRA or LIF with a minimum value of $5,000 (the "Eligible Account") from another financial institution to FlexiFonds de solidarité FTQ inc. ("FlexiFonds").
This Offer is valid for all existing or new FlexiFonds Clients who have an active account with FlexiFonds. To be eligible for this refund, the Client must submit a transfer request from an Eligible Account between 8:00 a.m. ET on February 2, 2023, and 11:59 p.m. ET on May 31, 2023 (the "Eligibility Period").
This offer is intended for any current client or any new client of FlexiFonds who has an active account with FlexiFonds. The Fonds de solidarité FTQ may end this promotional offer without notice.
The reimbursement of transfer fees shall be equal to the lesser of: (i) the actual transfer fee for an Eligible Account; or (ii) a maximum amount of $200 per Eligible Account, whichever is less. There is no limit to the number of Eligible Accounts a Client can transfer during the Eligibility Period. Partial transfers from the same Eligible Account are eligible for a single reimbursement only.
All transfer fee refunds shall be made by issuing an equivalent amount of FlexiFonds shares, directly credited to a FlexiFonds account in accordance with the same investment instructions applicable to the proceeds of the Eligible Account being transferred. Any request to redeem or switch FlexiFonds units received within 90 days of the end of the transfer process shall result in the Offer being rendered null and void, and the Client will be required to repay all transfer fees refunded by FlexiFonds.
Transfer fees will be refunded in Canadian dollars after the transfer process is complete. The refunded amount shall not count as an RRSP, TFSA, RRIF, LIRA or LIF contribution, and no tax receipt will be issued. FlexiFonds mutual fund investments are not eligible for the Labour-sponsored funds tax credit. Transfer fee refunds may have tax implications. For more information, we recommend that the Client consult with their advisor.
Under this Offer, only the transfer fees shall be refunded. No refunds will be made for transferring an Eligible Account that is exempt from transfer fees. The Client is responsible for all redemption fees, liquidation fees, commissions, and any other fees associated with transferring the account.
Transfer requests that do not meet the eligibility requirements stated in the prospectus shall be denied. Fonds de solidarité FTQ and FlexiFonds reserve the right to suspend, cancel, or modify the terms and conditions of the offer at any time and without prior notice, and reject all liability for any loss, damage, or other harm that may result from taking part in the offer and transferring an Eligible Account.
FlexiFonds reserves the right to suspend, cancel, or modify the terms of this Offer at any time without prior notice. FlexiFonds may also refuse transfer requests from Clients who do not meet the eligibility requirements as stated in the prospectus.
FlexiFonds is not liable for any loss, damage, or harm that may arise from taking part in this Offer and transferring an Eligible Account.
2
The FlexiFonds funds are composed of a target of 70% of assets linked to the Quebec economy and have an objective of investing a target of 30% of their assets in shares of the Fonds de solidarité FTQ.
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.
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.
Trademarks
FlexiFonds, FlexiFonds Conservative, FlexiFonds Balanced and FlexiFonds Growth and the other trademarks displayed on this site are registered trademarks of the Fonds de solidarité FTQ. Other companies' trademarks are used with permission or under license. All rights reserved. Trademark references on this site should not be construed as an implied authorization to use such trademarks.
Access and site availability
The website is the property of Fonds de solidarité FTQ. By using the website, you agree to the following terms of use. You acknowledge and agree that the Fonds de solidarité FTQ may restrict, suspend or revoke your access to or use of all or part of the site, including links to third party sites, at any time, with or without cause, in its absolute discretion, without notice or liability. The Fonds de solidarité FTQ does not guarantee that this site will be available and meet your requirements or that access to this site will be uninterrupted. Availability downtime may occur at any time, without notice, including downtime required for maintenance or technical reasons.
