If the amount is not blocked, the former spouse may choose to transfer it to a RRSP or receive a cash payment. Unlike a regular RRSP, the amounts are locked in an LIRA and can only be used for retirement income. Amounts cannot be withdrawn from an LIRA unless a refund is allowed. If the former spouse does not inform the trustee of his payment option within 60 days of sending a share application or sharing notice, the administrator chooses the transfer vehicle and proceeds with the transfer, even if the agreement of the spouse`s contract does not exist. The amount to be paid to the spouse is frozen, unless only part of a member`s benefits are locked up, the amount transferred to the former spouse is not included in the same proportion as for the member. Suppose the old one. Of this amount, $6,000 will be imprisoned and $4,000 will not. To obtain an old-age income, the holder must transfer the LIRA to an LIF or use these amounts to obtain a life pension from an insurer. There is no minimum age for this type of transmission. However, the transfer could be delayed if the investments are not yet due. The holder must proceed with the transfer before the end of the year in which he will be 71 years old, regardless of the maturity date of the holdings.
Contact financial institutions that offer LIRAs and LIF. The former spouse must choose that the amount owed to him be transferred to one of the following transfer vehicles: at the time of the application for the opening of a procedure, the balance of a member`s accounts in a simplified pension plan (PPS) is as follows: the non-residence test is the criterion applicable to the member, that is, the non-residence test within the meaning of the Civil Code of Quebec. A LIRA cannot be used to provide income because it is intended to accumulate old-age savings. A person may hold an LIRA until December 31 of the year in which they will be 71 years old.