Federal finance minister Jim Flaherty today announced that the regulations removing the requirement to convert federally regulated life income funds to life annuities at age 80 have now come into force.
Under these changes, maximum permitted withdrawals for those aged 80-90 are to be calculated by extending the method previously used for those under the age of 80 rather than requiring that all remaining funds be converted into an annuity. Those 90 and over will be allowed to withdraw 100% of the funds in their LIF. The changes apply only to federally regulated LIFs.
“Seniors have asked for a greater degree of control over their retirement savings and this initiative will help give it to them,” stated Flaherty, in a news release.
Seniors gain more flexibility with LIFs
Ottawa removes requirement to convert federally regulated LIFs to life annuities at age 80
- By: James Langton
- October 4, 2006 October 31, 2019
- 10:50