Registered Retirement Income Fund (RRIF)
Life Income Fund (LIF)
As a gernal rule, a LIF may be purchased once the planholder attains age 55, (dependant upon the terms outlined in the governing legislation) or at the latest, by December 31st of the year the planholder attains age 71.
Ontario LRIF are not available for purchase after 2008. LRIF purchased prior to 2009 may continue uninterrupted until depleted or transferred to a LIF or a life annuity.
The minimum age at which LRIFs may be purchased is 55 (earlier if the RPP provided). Where the LRIF is purchased with funds under a LIRA, no later than December 31st of the year the planholder attains age 71.
Within 60 days of a transfer to an RLIF from a Locked-in RRSP, LIF or RPP, the annuitant is eligible to a one-time 50% unlocking option.
An RLIF can be purchased at any age; however, the annuitant must be at least 55 to apply for the one-time 50% unlocking option where the RLIF is purchased with funds under a Locked-in RRSP or RPP no later then December 31st of the year the annuitant attains 71.
Concentra acts as the trustee. Holdings can include specialized assets such as mortgages, GICs and cash.
As trustee, Concentra is responsible for: