LIRA - Locked-In Retirement Account
Updated: Jun 12, 2026 · 2026A LIRA usually holds money transferred from an employer pension plan. It is governed by federal or provincial pension rules and is locked in for retirement use.
2026 key reference figures
Funding and unlocking
- LIRA is funded by transfers from a pension, not new contributions
- Federal 2026 YMPE: $74,600
- Federal small balance unlocking threshold (50% of YMPE): $37,300
- Federal financial hardship unlocking maximum: up to $37,300 (2026)
- Federal one-time 50% unlocking is available from RLIF, not directly from LIRA
Provincial notes
- Provinces have their own pension rules and unlocking provisions
- Many provinces allow up to 50% unlocking when converting LIRA to LIF
- Nova Scotia: effective Feb 17, 2026, transfers from a Schedule 4A LIF back to a LIRA are no longer permitted
- Confirm your jurisdiction (federal or specific province) before any move
Tax implications
Transfers and growth
- Eligible pension transfers are tax deferred
- Investment growth is tax deferred inside the LIRA
- Unlocking events can trigger taxable income
Withdrawals
- Generally cannot withdraw cash directly from a LIRA
- Convert to LIF/RLIF to start retirement income (typically age 55+)
- Must convert by Dec 31 of year you turn 71
- Any cash unlocked is fully taxable as income
Broker support
LIRA support depends on broker setup and your jurisdiction.
- Wealthsimple: support may vary
- Questrade: commonly supported
- Interactive Brokers Canada: support may vary
- Moomoo Canada: support may be limited
Sources verified for 2026: OSFI federal locked-in funds guidance using the 2026 YMPE of $74,600 and the Nova Scotia regulation amendment effective Feb 17, 2026.