LIFE INCOME FUND - LIF
A pool of liquidity fund in Canada, which holds pension funds and eventually payout retirement income. Life income fund owners must use this to support their retirement income in their lifetime, but they cannot withdraw the funds in lump sum. The Income Tax Act annually sets the minimum and maximum withdrawal amounts for LIF owners, taking into consideration their fund balance and annuity factor. LIFs, also an investment, are not mandatory. The Office of the Superintendent - Pension Commission provides the list of authorized financial institutions that offer LIFs.
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