News & Updates
Quebec to eliminate withdrawal limits for Life Income Funds by individuals aged 55+ starting in 2025
December 17, 2024
Quebec will amend the Regulation respecting supplemental pension plans effective January 1, 2025.
The amendments will introduce the following changes:
- Changes to the formula used to determine the maximum amount that may be withdrawn from a LIF for those under 55.
- Eliminating the ability to transfer funds directly from a LIF to an RRSP or RRIF.
- Eliminating the ability of anyone who has not lived in Canada for at least two years to request a refund of the balance of a LIF.
- Eliminating the ability of those 65 and over to request a refund of the balance of a LIF in situations where the total of all locked-in amounts in identified savings vehicles (including defined contribution accounts) is less than 40% of the YMPE.
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