What is a Locked in Retirement Account (LIRA)?
A locked in retirement account is a registered Canadian pension savings account used for retirement savings. When you leave an employer where you had a pension plan, you can choose to put that money in a LIRA. Unlike an RRSP, the funds in a LIRA are locked in and can only be used to provide retirement income.
Funds cannot be withdrawn until retirement, except in exceptional circumstances. Depending on your plan, you may be able to transfer locked in funds from another plan to your LIRA. Your money won’t be taxed until you withdraw it.
Locked in retirement accounts are governed by federal or provincial pension legislation. Depending on the province in which the plan owner lives, there are different rules on how to unlock pension funds. Here at Equiton, investors can use registered plans, including a LIRA, to invest in real estate.
Want to Learn More About How to Invest?
At Equiton, we understand the importance of making informed investment decisions to maximize your investment portfolio.
Whether you are a seasoned investor looking to diversify your portfolio or a first-time investor seeking to explore the potential of real estate, we have tailored solutions to meet your unique needs. Our investment offerings encompass a diverse range of property types, such as residential, commercial and development.
Take the first step toward enhancing your wealth while practicing responsible investing. Seize the opportunity now to connect with our team of investment specialists by clicking the ‘Contact Us’ button below and start your journey towards achieving financial prosperity.