Life Income Funds
If you own a locked-in registered retirement savings plan (RRSP), you’re required to roll over your assets into a payout annuity or a life income fund (LIF) by the end of the year you turn 71. You gain the ability to withdraw an income and you maintain the flexibility and choice you need.
You must receive income payments, just like you would with a registered retirement income fund (RRIF). However, the minimum and maximum withdrawal schedule for a LIF is calculated differently and changes each year.