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2022 LIF withdrawals: What you need to know

February 14, 2022

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

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Below is a table showing the minimum and maximum withdrawal  percentages for LIF and RLIF accounts in 2022 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 included below; however, if you still need assistance with determining your withdrawal options, we recommend that you contact an investment professional.

Quebec, Alberta, New Brunswick, and 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.

ON, BC, AB, NL maximum calculations are based on the greater of a) the result using the factor and b) the previous year’s investment returns. 

Source: Service Canada. Figures updated December 2021. Visit for updated figures. 

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. This publication does not address tax or trust and estate considerations that may be applicable to an individual’s particular situation. 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.