2022 LIF withdrawals: What you need to know

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.

NOTE:
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 servicecanada.gc.ca for updated figures. 

Disclaimers:

This communication is an overview only and it does not constitute financial, business, legal, tax, investment, or other professional advice or services. It is not intended to be a complete statement of the law or an opinion on any matter. If you (or any of your family members) are a U.S. citizen, hold a U.S. green card, or are otherwise considered a U.S. resident for U.S income/estate tax purposes, the Canadian and/or U.S. tax implications could be substantially different from those outlined herein. No one should act upon the information in this communication as an alternative to legal, financial or tax advice from a qualified professional. No member of Mawer Investment Management Ltd. is liable for any errors or omissions in the content or transmission of this email or accepts any responsibility or liability for loss or damage arising from the receipt or use of this information.

While we endeavour to ensure that the information in this communication is correct, we do not warrant or represent its completeness or accuracy. This communication is not updated, and it may no longer be current. To the maximum extent permitted by applicable law, we exclude all representations, warranties and conditions relating to this communication.