LIF2020 SM Tile

2020 LIF withdrawals: What you need to know

August 6, 2020

Minimum and maximum withdrawal percentages for LIF and RLIF accounts by province.

Download (PDF - 70 KB)

Below is a table showing the minimum and maximum withdrawal  percentages for LIF and RLIF accounts in 2020 by province. Depending on your age or your spouse’s age (whichever you select), you must withdraw an amount between the minimum and maximum amounts as outlined by the percentages below.

An example calculation is shown on page two; however, if you still need assistance with determining your withdrawal options, we recommend that you contact an investment professional.

Quebec, Alberta, Manitoba, New Brunswick & British Columbia pension legislation permits LIF clients who begin a LIF in the middle of a calendar year with funds transferred from a LIRA or pension plan to take the FULL maximum payment for the year. First year payments under the other jurisdictions must be prorated based on the number of months the LIF was in force.

Saskatchewan Prescribed RRIF - there is no maximum annual withdrawal and you can withdraw all the funds in one lump sum.

Disclosure: Mawer Investment Management Ltd. provides this publication for informational purposes only and it is not and should not be construed as professional advice. The information contained in this publication is based on material believed to be reliable at the time of publication and Mawer Investment Management Ltd. cannot guarantee that the information is accurate or complete. Individuals should contact their account representative for professional advice regarding their personal circumstances and/or financial position. The comments included in this publication are not intended to be a definitive analysis of tax applicability or trust and estates law. The comments are general in nature and professional advice regarding an individual’s particular tax position should be obtained in respect of any person’s specific circumstances.

We're here to help.

Phone: +1 (403) 262-4673
Toll-Free: +1 (800) 889-6248

For general mutual fund inquiries:

Toll-Free: +1 (844) 395-0747