Convert a RRIF to a LIF?
Q – Is a LIF/LRIF something we should be thinking about transferring our RRIFs into? Also, if we move to another province where our offspring live is there any real problem getting our accounts transferred and withdrawals directed to a new area, or is it just local managers not wanting to lose part of their work portfolio? – G.S., Alberta
A – You can’t switch from a RRIF to a LIF/LRIF, nor would you want to. LIFs and LRIFs are only for locked-in accounts and have more restrictions on them than a RRIF does, as we’ve been discussing in these columns.